JCDecaux shareholders approves APN acquisition

JCDecaux

JCDecaux SA said its shareholders approved by the requisite majorities the scheme of arrangement under which JCDecaux SA will acquire 100% of the issued share capital of APN Outdoor.

The resolution to approve the Scheme (Scheme Resolution), as set out in the Notice of Meeting that was despatched to APN Outdoor shareholders together with the Scheme Booklet on September 13th, 2018, was approved by the requisite majorities of APN Outdoor shareholders.

In summary:

  • 95.5% of APN Outdoor shareholders present at the meeting (in person or by proxy) voted in favour of the Scheme Resolution; and
  • 99.93% of the votes cast were in favour of the Scheme Resolution.

The Scheme remains subject to approval by the Federal Court of Australia (NSW) (the Court) in order to be implemented.

APN Outdoor has applied to the Court for approval of the Scheme at a hearing scheduled for October 18th, 2018.

If the Court approves the Scheme, APN Outdoor proposes to lodge the order of the Court with the Australian Securities and Investments Commission on October 18th, 2018 at which time the Scheme will become legally effective pursuant to section 411(1) of the Corporations Act 2001.