This article is from the Australian Property Journal archive
AVEO shareholders have voted overwhelmingly in favour of the aged care operator’s $1.27 billion takeover by Canadian giant Brookfield.
The cash consideration of $2.195 per security offered was in addition to the annual distribution of 4.5 cps paid at the end of September.
All that is required before the deal goes through will be approval at a hearing for 13th November. Aveo would be delisted and the scheme implemented within days.
Securityholders voted 91% in favour of all three scheme resolutions. The bid required least 75% of security holder votes and 50% of individual security holders.
Early in 2017, Aveo was the subject was a damning investigation by Fairfax and the ABC that exposed excessive fees and questionable regulations practices, and in August appointed Merrill Lynch as financial advisor for a strategic review of its retirement portfolio and operations.
The group has revealed that property market conditions would slash its annual underlying profit from around $127 million the last financial year to $50 million for FY19, and annual distributions would be nearly halved to 4.5 cents per stapled security.
