AVJennings Secures Crucial FIRB and OIO Approvals Ahead of Shareholder Vote

Regulatory Green Light

AVJennings Limited (ASX, AVJ), a prominent player in residential property development, has reached a significant milestone in its proposed acquisition by PM Nominees C Pty Ltd, an investment vehicle linked to Proprium Capital Partners and AVID. On 30 June 2025, the company announced that it has received formal approvals from both the Australian Foreign Investment Review Board (FIRB) and the New Zealand Overseas Investment Office (OIO), clearing critical regulatory hurdles that had been prerequisites for the transaction.

The FIRB’s no-objection confirmation, received earlier in June, and the OIO’s consent mark a green light from key government bodies overseeing foreign investments. These approvals satisfy the conditions precedent outlined in the Scheme Implementation Deed, a binding agreement between AVJennings and the Bidder announced in April 2025.

Next Steps, Shareholder and Court Approvals

While regulatory clearance is a major step forward, the acquisition remains contingent on several other conditions. Most notably, AVJennings shareholders must approve the scheme at a meeting scheduled for 11 July 2025. This hybrid meeting will allow shareholders to participate either in person at Sydney’s Sheraton Grand or online, reflecting a modern approach to corporate governance and shareholder engagement.

Additionally, the scheme requires court approval and the satisfaction or waiver of other customary conditions. The Board of AVJennings continues to recommend that shareholders vote in favor of the scheme, provided no superior proposal emerges and the independent expert maintains a positive assessment of the deal’s benefits.

Board Confidence and Market Implications

The unanimous backing from the AVJennings Board, including their intention to vote their own shares in favor, signals strong internal confidence in the transaction. This endorsement is crucial in reassuring shareholders and the market that the deal is in the best interests of the company’s owners.

Given the absence of any competing bids so far, the path to completion appears clear, but the market will be watching closely for any last-minute developments. The acquisition, if completed, will reshape AVJennings’ ownership structure and potentially influence its strategic direction in the competitive residential property sector.