SDI Limited shareholders voted overwhelmingly in favour of a $1.40 per share acquisition scheme by InnoXvest Dental, setting the stage for court approval and delisting.
- Scheme meeting held virtually on June 22, 2026
- Board unanimously recommends the acquisition scheme
- Proxy votes show 98.37% support for the scheme
- Court approval scheduled for June 24, 2026
- Implementation timetable targets ASX delisting by early July
Strong Shareholder Backing for Acquisition Scheme
SDI Limited’s virtual Scheme Meeting on June 22, 2026, saw shareholders decisively back the proposed acquisition by InnoXvest Dental Pty Ltd, a wholly owned subsidiary of the bidder. The scheme offers SDI shareholders A$1.40 per share in cash, a premium price that the board unanimously supports. Proxy voting tallied 98.37% of votes in favour, with only 0.58% against and 1.05% abstaining, reflecting broad shareholder confidence in the deal.
Board and Expert Endorsements Reinforce Transaction
The SDI board, led by Managing Director Samantha Cheetham and chaired at the meeting by non-executive director Cameron Allen, confirmed no superior proposal has emerged. The directors have committed to voting their shares in favour of the scheme. An independent expert, RSM Corporate Australia, has also deemed the scheme fair and reasonable, reinforcing the board’s recommendation in the absence of a better offer.
Conditions and Next Steps Towards Completion
The scheme remains conditional on shareholder approval, which was secured at the meeting, and court approval expected at the New South Wales Supreme Court on June 24, 2026. Subject to these conditions, the timetable envisages the effective date on June 25, a record date on June 26, and implementation by July 6, culminating in SDI’s removal from the ASX official list on July 7. Should the scheme not proceed, SDI will continue as a standalone ASX-listed entity.
Meeting Logistics and Shareholder Engagement
The meeting was conducted entirely online, with detailed procedural guidance provided for voting and questions. Shareholders could adjust votes until the poll’s close, and the chair exercised undirected proxies in favour of the scheme. Legal and financial advisors from DLA Piper and Houlihan Lokey were present to support the process. The orderly conduct of the meeting and the absence of significant opposition questions underscored shareholder alignment with the transaction.
Strategic Implications for SDI
The acquisition by a subsidiary of Beijing Guoci, linked to Shandong Sinocera Functional Material Co. Ltd, aims to combine the strengths of SDI and its new owner. This deal follows a period of extensive negotiations and regulatory approvals, including key clearances from Chinese authorities and financing arrangements. The transaction offers a clear exit for shareholders at a premium valuation, marking a significant milestone in SDI’s corporate evolution.
Bottom Line?
With shareholder approval secured, attention now turns to the court’s verdict and the smooth execution of the scheme timetable.
Questions in the middle?
- Will the New South Wales Supreme Court approve the scheme without modifications?
- How will the market react once SDI is officially delisted from the ASX?
- What strategic changes will follow integration with the Sinocera group post-acquisition?