Elph Investments Secures 95.57% Stake in Engenco, Offer Closes 27 June
Engenco Limited is set for trading suspension and delisting from the ASX after Elph Investments secures a 95.57% stake and moves to compulsorily acquire remaining shares.
- Elph Investments acquires 95.57% of Engenco shares
- Compulsory acquisition of remaining shares planned by 27 June 2025
- Offer price set at 31 cents per share
- ASX trading suspension expected on 27 June 2025
- Engenco likely to be delisted shortly after suspension
Engenco's Takeover Nears Completion
Engenco Limited, a player in the engineering services sector, is on the cusp of a significant transition following a takeover bid by Elph Investments Pty Ltd. The latter has now amassed a substantial 95.57% stake in Engenco, signaling a near-complete acquisition of the company’s shares.
With the closing date for the offer set for 7.00pm on 27 June 2025, Elph Investments has announced its intention to compulsorily acquire any remaining shares not tendered by shareholders. This move effectively paves the way for full ownership consolidation, a common step in takeovers once a dominant stake is secured.
Implications for Shareholders and Market Trading
Shareholders who have yet to accept the offer are being urged by Engenco’s chairman, Vincent De Santis, to do so before the deadline. The offer price stands at 31 cents per share, which will be paid to those who accept by no later than 18 July 2025. For those holding out, the compulsory acquisition process means they will eventually be bought out at the same price.
From a market perspective, the Australian Securities Exchange (ASX) is expected to suspend trading of Engenco shares on the day the offer closes, 27 June 2025. This suspension is a precursor to the company’s delisting, which is anticipated to occur shortly thereafter. Delisting removes Engenco from public trading, marking the end of its tenure as a listed entity.
Looking Ahead
This takeover and subsequent delisting reflect a broader trend of consolidation within the industrial and engineering services sectors, where private ownership can sometimes offer more strategic flexibility. For Engenco, this marks the end of its public chapter and the beginning of a new phase under Elph Investments’ control.
Investors and market watchers will be keen to monitor the final acceptance rates and the exact timing of the delisting, as well as any strategic shifts that Elph Investments may implement post-acquisition.
Bottom Line?
Engenco’s transition from public to private hands signals a new strategic direction, but leaves shareholders with critical decisions to make before the deadline.
Questions in the middle?
- Will Elph Investments pursue any operational changes post-acquisition?
- What are the implications for Engenco’s existing contracts and employees?
- Could the compulsory acquisition price of 31 cents per share be contested by minority shareholders?
