Z Energy Limited
Transaction Type: Scheme of arrangement
Offeror / Other Party: Ampol Limited
Independent Adviser(s): Calibre Partners
Date of meeting: 25/03/2022
On 10 October 2021, Z Energy Limited (Z Energy) entered into a scheme implementation agreement with Ampol Limited (Ampol) under which Ampol would acquire 100% of the shares on issue in Z Energy under Part 15 of the Companies Act 1994 via scheme of arrangement.
Under the terms of the scheme, Ampol would pay cash consideration of $3.78, subject to price adjustments relating to payment of dividends by Z Energy and delays to the implementation of the scheme past 31 March 2022. Following the payment of an interim dividend in December 2021, the revised consideration was $3.76. Ultimately, due to delays to the implementation of the scheme, shareholders received consideration of $3.782 per share.
On 25 March 2022, Z Energy shareholders voted to approve the scheme. The High Court granted final orders on 26 April. The scheme was implemented and Z Energy was delisted on 10 May 2022.
Calibre Partners prepared the independent adviser’s report on the merits of the transaction.
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