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Trust Company Ltd Executes Revised Scheme Implementation Agreement With Perpetual Ltd Following Receipt Of Improved Proposal

Sunday, 8 Sep 2013 08:05pm EDT 

Trust Company Ltd announced that it has received an improved offer from Perpetual Ltd (Revised Perpetual Proposal) and has entered into a revised Scheme Implementation Agreement (SIA) with Perpetual whereby shareholders in The Trust Company will receive: Scheme Consideration: 0.182 Perpetual shares for each share in The Trust Company, which can be received as: Perpetual shares; cash equivalent, up to a cap of $110m and with a floor price of $6.29 per share in The Trust Company; or a mix of the above; Dividends: a special dividend of 22 cents per share (fully franked) for each share in The Trust Company; and an interim dividend of up to 17 cents (fully franked) for each share in The Trust Company, to be paid in the ordinary course. The value of the Scheme Consideration and Dividends, ignoring the value of franking credits associated with the Dividends, together represent a value per share in The Trust Company of $7.18, based on Perpetual’s closing share price on September 6, 2013. Shareholders in The Trust Company can elect to receive the Scheme Consideration wholly in Perpetual shares or in cash at an equivalent value, or a combination of cash and shares, subject to a maximum cash component of $110 million. If the total cash elections exceed this maximum amount, there will be a proportional scale back and shareholders in The Trust Company will receive the balance of the Scheme Consideration in Perpetual shares. 

Company Quote

1.39 +2.91%
30 Jan 2015