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APA Group and Envestra Ltd agree to proceed with scheme of arrangement proposal


Monday, 16 Dec 2013 05:30pm EST 

APA Group:Reaches agreement with Envestra Ltd to progress a scheme of arrangement proposal to combine the two businesses.Says its has put forward a revised proposal which implies a value of A$1.171 per Envestra share (APA Proposal) and follows discussions with Envestra and some limited due diligence.Says under the proposal, Envestra shareholders will have the option to receive either, 0.19191 APA securities for each Envestra share; or a combination of APA securities and cash, whereby the cash component will be offered through a 'mix and match facility', subject to an overall cap of A$241 mln.Says Envestra shareholders would be entitled to receive the dividend of A$0.032 per share expected to be paid by Envestra in April 2014.Says APA securities issued as part of the offer prior to June 30, 2014 would be entitled to APA's FY2014 final distribution.Says the independent board committee of Envestra has agreed by majority to proceed with the steps necessary to put the APA Proposal before Envestra shareholders for their approval.Says APA envisages that a scheme of arrangement would be possible to implement by June 2014.