Australian funds manager Centuria Capital Group moved to compulsory acquisition of the remaining shares in takeover target Augusta Capital Ltd this week after reaching 96.4% ownership when its offer closed on Monday.
Centuria’s original takeover bid was at $2/share, before the Covid-19 pandemic intervened with ‘life as usual’.
Its replacement offer was NZ20c cash plus 0.392 of a Centuria stapled security – equating initially to an implied $1/share. In early July, Centuria lifted the cash component to NZ22c.
A Centuria stapled security comprises an ordinary share in Centuria Capital Ltd that’s stapled to a unit in the Centuria Capital Fund. The securities sold on the ASX on Thursday at $A1.865, which translates to an offer price of NZ101.81c.
Attribution: Centuria release.