AVJennings Faces Market Exit as Court Approves Acquisition Scheme
The Supreme Court of New South Wales has approved the acquisition scheme for AVJennings Limited, paving the way for a significant ownership change and imminent suspension of its shares on major exchanges.
- Supreme Court approves AVJennings acquisition scheme
- Acquirer, PM Nominees C Pty Ltd, linked to Proprium Capital Partners and AVID
- Scheme to become legally effective on 24 July 2025
- AVJennings shares to be suspended on ASX and SGX GlobalQuote from close of trade 24 July
- Court orders lodged with Australian Securities and Investments Commission
Court Approval Clears Major Acquisition Hurdle
AVJennings Limited (ASX, AVJ), a notable player in Australia's residential property development sector, has received a crucial legal green light. The Supreme Court of New South Wales has formally approved the proposed acquisition scheme by PM Nominees C Pty Ltd, an investment vehicle associated with Proprium Capital Partners and AVID. This approval marks a pivotal step in the takeover process, confirming the court's endorsement of the transaction structure and terms.
Scheme Set to Take Effect This Week
The scheme of arrangement is scheduled to become legally effective on Thursday, 24 July 2025. Upon effectiveness, AVJennings will lodge the court orders with the Australian Securities and Investments Commission, fulfilling a key regulatory requirement. This milestone signals the formal transfer of ownership and the winding down of AVJennings as a publicly traded entity.
Shares to Suspend on ASX and SGX GlobalQuote
Following the scheme's effectiveness, AVJennings shares will be suspended from trading on the Australian Securities Exchange (ASX) and from quotation on the Singapore Exchange's SGX GlobalQuote platform, effective from the close of trade on 24 July. This suspension reflects the transition of AVJennings from a listed company to a privately held entity under the new ownership structure.
Implications for Investors and Market Participants
For investors, this development closes the chapter on AVJennings' public market presence, with share liquidity ceasing imminently. The acquisition by Proprium Capital Partners and AVID suggests a strategic repositioning of AVJennings within the residential property development landscape, potentially unlocking new avenues for growth away from the scrutiny of public markets. However, details on the financial terms and future plans remain to be fully disclosed beyond the Scheme Booklet referenced in earlier announcements.
Looking Ahead
As the scheme becomes effective, market watchers will be keen to observe how the new ownership steers AVJennings' operations and strategy. The completion of this acquisition could also signal broader consolidation trends within the Australian real estate development sector, as private equity and investment groups seek to capitalize on market opportunities.
Bottom Line?
With court approval secured, AVJennings' transition to private ownership is imminent, reshaping its market presence.
Questions in the middle?
- What are the detailed financial terms and valuation underpinning the acquisition?
- How will Proprium Capital Partners and AVID influence AVJennings’ strategic direction post-acquisition?
- Could this deal trigger further consolidation in the Australian residential property development sector?