Engin delisted after Seven Group takeover
- 09 August, 2011 08:04
VoIP provider Engin (ASX:ENG) has been de-listed from the ASX following an effective takeover by its majority shareholder.
Engin was removed from the official ASX list at close of business on Monday. The shares had been suspended from quotation since July 27.
Earlier in July, shareholders had approved a proposal from Seven Group Holdings (ASX:SVW) subsidiary Network Investment to cancel all shares held by minority holders in exchange for a $0.90 per share payoff.
At the time, Network Investment held a 57.3 per cent stake in Engin. The cash payment represented a 120 per cent premium to the market price of Engin shares immediately before the proposal was announced.
Nearly 90 per cent of votes cast at a general meeting were in favor of the capital reduction, but among proxy votes lodged prior to the meet a higher margin of 15 per cent had voted against the offer.
Network Investment had late last year proposed to conduct the same share cancellation for $0.70 per share, but withdrew the lower offer in January.
ENG shares last traded at $0.890. SVW shares fell 5.19 per cent on Monday to $7.860.
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