99.93% Approve AVJennings Takeover; Trading Suspended Late July
AVJennings shareholders have overwhelmingly approved the proposed acquisition by Proprium Capital Partners and AVID, setting the stage for final court approval and a significant shift in ownership.
- Scheme of arrangement approved by 99.93% of shareholders
- Court hearing scheduled for 23 July 2025 to approve the scheme
- Trading suspension and delisting planned for late July and August
- Potential special dividend declaration remains at board’s discretion
- Acquisition by Proprium Capital Partners and AVID to complete mid-August
Shareholder Approval Signals Major Transition
AVJennings Limited (ASX, AVJ), a prominent player in residential property development, has secured decisive shareholder approval for a scheme of arrangement that will see the company acquired by PM Nominees C Pty Ltd, an investment vehicle linked to Proprium Capital Partners and AVID. The resolution passed with an overwhelming 99.93% of votes in favour, reflecting broad investor support for the transaction.
This approval marks a critical milestone in the acquisition process, which remains subject to final court sanction. The Supreme Court of New South Wales is scheduled to hear the matter on 23 July 2025, where shareholders opposing the scheme may present their case. If the court grants approval, the scheme will become legally effective the following day.
Implications for Trading and Shareholders
Following court approval, AVJennings shares will be suspended from trading on both the Australian Securities Exchange and the Singapore Exchange’s GlobalQuote platform from the close of trading on 24 July 2025. This suspension will precede the company’s eventual delisting on 15 August 2025, marking the end of AVJennings as a publicly traded entity.
Shareholders holding shares on the designated Scheme Record Date of 11 August 2025 will receive the scheme consideration, effectively cashing out their holdings as ownership transfers to the acquiring parties. Additionally, the AVJennings board retains discretion to declare a special dividend, with record and payment dates set for late July and early August respectively, offering a potential immediate return to shareholders ahead of the acquisition completion.
Looking Ahead, What This Means for AVJennings
The acquisition by Proprium Capital Partners and AVID represents a significant consolidation in the residential property development sector, potentially unlocking new strategic directions under private ownership. For investors, the transaction offers a clear exit opportunity at a premium, though it also signals the end of AVJennings’ public market presence.
Market watchers will be closely monitoring the upcoming court hearing and any announcements regarding the special dividend. The smooth execution of these final steps will be crucial to maintaining investor confidence and ensuring a seamless transition.
Bottom Line?
With shareholder backing secured, all eyes now turn to the court’s verdict and the final steps toward AVJennings’ privatization.
Questions in the middle?
- Will the court approve the scheme without opposition or conditions?
- Will AVJennings declare the special dividend, and if so, how large will it be?
- What strategic changes will Proprium Capital Partners and AVID implement post-acquisition?
