Centuria Declares Augusta Capital Takeover Offer Unconditional
Since opening the offer on 29 June 2020, Centuria NZ has acceptances which, together with its existing shareholdings in Augusta, represent 65.86% of Augusta’s shares.
John McBain, Centuria Joint CEO, said, “I am delighted to report close to two-thirds of Augusta shares1 have been secured within eight business days of the takeover offer commencing and to report that Centuria has declared the offer unconditional.
“We are encouraged by the significant response and we are looking forward to completion of the offer and expanding Centuria’s funds management platform into the New Zealand market. Augusta is a substantial player in this market with a highly effective team. We anticipate New Zealand to be an important growth engine within the Centuria platform.
“Moreover, given the relative strength of the Australian commercial market, the position Centuria enjoys on the S&P/ASX 300 and Centuria’s strong distribution history, we are excited for so many Augusta shareholders taking up Centuria scrip.”
Progress of the offer
On 30 June, Centuria NZ varied its offer by increasing the cash component from NZ$0.20 to NZ$0.22 per Augusta share. The scrip component of 0.392 Centuria stapled securities per Augusta share remained unchanged. On that date, Centuria NZ also indicated its intention for the offer to become unconditional if acceptances were received which, together with Centuria NZ’s existing shareholdings, represented 63.5% of Augusta’s shares.
As at 8 July, acceptances of the offer, together with Centuria’s existing shareholding, represent 65.86% of Augusta’s shares.
Centuria NZ has notified the increase in the cash component of the offer to Augusta shareholders. All shareholders who have accepted the offer will receive the higher cash component.