Insignia shareholders vote in favour of $3.3b CC Capital buyout
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More news: Insignia Financial is set to complete its $3.3 billion buyout by CC Capital and withdraw from the ASX after its shareholders voted overwhelmingly to approve the deal.
Insignia shares were up 0.3% to $4.79 at 3pm AEST.
The company said 98.65% of votes cast were in favour of the scheme, while 89.96% of shareholders voted in favour.
The scheme remains subject to court approval at a hearing scheduled for 10am AEST on 16 April.
Insignia shares are expected to be suspended from trading on the ASX from market close on 17 April.
Insignia shareholders to approve CC Capital takeover as proxy votes tallied
The news: Shareholders of Insignia Financial are due to approve the proposed $3.3 billion takeover by US-based CC Capital, after the wealth manager released proxy vote figures ahead of this morning’s scheme meeting.
The numbers: Insignia said 96.4% of proxies were in favour of the takeover, with 1.4% against and 2.2% undecided.
The context: The proposal, which would see Insignia de-list from the ASX, was cleared by Treasurer Jim Chalmers and the Foreign Investment Review Board last week.
The source: ASX
