The Supreme Court of New South Wales has approved Arrovest’s proposed acquisition of Noumi, setting the transaction on course for a $0.1234-per-share payout. The schemes are not yet legally effective, with ASIC lodgement expected on 11 November and implementation targeted for 27 November.
- Court approval granted for Arrovest’s share acquisition scheme
- Noumi shareholders to receive $0.1234 per Scheme Share
- Noumi options to be cancelled for $0.002 each
- ASIC lodgement expected on 11 November 2026
- Scheme implementation targeted for 27 November 2026
Court approval advances Arrovest’s Noumi takeover
Noumi Limited (ASX:NOU) has cleared the most significant legal hurdle in Arrovest’s proposed takeover, after the Supreme Court of New South Wales approved both the share acquisition scheme and the cancellation of Noumi’s options. The approval moves the deal from shareholder-backed proposal to a transaction approaching completion, but it is not yet legally effective.
Under the approved Share Scheme, Arrovest will acquire all Scheme Shares for $0.1234 each. The separate Option Scheme will cancel and extinguish all Scheme Options for $0.002 per option. The court step follows the shareholder vote approval, in which Noumi securityholders backed both schemes earlier this month. Shareholder vote approval
ASIC lodgement is the next legal trigger
Noumi expects to lodge an office copy of the court orders with the Australian Securities and Investments Commission on Wednesday, 11 November. Only then will the schemes become legally effective and binding on the relevant Noumi securityholders. If that lodgement occurs as expected, quotation of Noumi shares and options on the ASX will be suspended from the close of trading that day.
The timetable then points to a 7:00 pm Sydney-time record date on 20 November, which will determine entitlements to the scheme consideration, followed by implementation and payment on 27 November. Noumi says the dates remain indicative and may change, leaving ASIC lodgement and confirmation of effectiveness as the immediate points of execution risk.
Deal completion would remove Noumi from the market
For shareholders, the court ruling largely shifts the question from whether the transaction can proceed to whether the remaining administrative and implementation steps occur on schedule. For optionholders, the approved scheme sets a separate cash outcome of $0.002 per option before those securities are extinguished.
The key unresolved event is therefore tomorrow’s ASIC filing. Until it happens, the schemes remain approved by the Court but are not binding, and Noumi’s ASX quotation remains subject to the stated timetable.
Bottom Line?
The transaction has passed its court test, but ASIC lodgement on 11 November remains the decisive step before Noumi securities move toward suspension and payment.
Questions in the middle?
- Will Noumi lodge the court orders with ASIC on 11 November as expected?
- Will the indicative 20 November record date and 27 November implementation date change?
- How will Noumi securities trade, if at all, before the planned ASX suspension?