Fliway Group Limited
Transaction Type: Scheme of arrangement
Offeror / Other Party: Yang Kee Group (New Zealand) Pty Limited
Independent Adviser(s): KordaMentha
Date of meeting: 8/12/2017
On 26 October 2017, Fliway Group Limited (Fliway) announced it had entered into a scheme implementation agreement with Yang Kee Logistics Pte Limited.
Under the agreement, it was proposed that a Fliway would undertake a scheme of arrangement with its shareholders to effect a full acquisition of all of the shares in Fliway by Yang Kee Group (New Zealand) Pty Limited, a wholly-owned subsidiary of Yang Kee Logistics Pte Limited, for $1.22 per share.
Shareholders approved the scheme on 8 December 2017. 99.14% of votes cast were cast in favour of the scheme, and 68.42% of the total number of shares on issue were voted in favour. The scheme was approved by the High Court on 19 December 2017.
KordaMentha prepared an independent adviser’s report on the merits of the scheme.