By Julie May Thu 27 Aug 2009
Article From: Investor Daily
AIMS proceeds with compulsory acquisition of remaining MacarthurCook shares and will delist it from the ASX.
AIMS will delist MacarthurCook from the Australian Securities Exchange (ASX) after taking over the company last month.
AIMS and its associates had acquired a 91.69 per cent stake in MacarthurCook following its successful takeover offer, which closed July 28, for all ordinary shares.
As a result of the high level of acceptances under the offer to buy shares before the deadline, there had since been minimal trading in MacarthurCook shares on the ASX.
For that reason AIMS posted a notice of compulsory acquisition to remaining shareholders this week, offering them the same terms of $0.43 per ordinary MacarthurCook share.
AIMS has also asked the MacarthurCook board to now proceed with the delisting of MacarthurCook from the ASX, a statement said.
Investors in MacarthurCook Industrial Property Fund, MacarthurCook Property Securities Fund and MacarthurCook Industrial REIT have been assured the compulsory acquisition will have no direct impact on or relevance to the operation of the listed entities.
AIMS was successful in its takeover of MacarthurCook after raising its bid twice and promising to retain the property fund manager's staff.
AIMS Funds Management director Mark Thorpe-Apps said AIMS was looking to develop strategies to turn around the destruction in value the company had experienced over recent years.
He also said AIMS would be able to provide needed capital and had strong ties in Asia to help MacarthurCook develop its business in the region.
Within weeks of MacarthurCook accepting the bid from AIMS, MacarthurCook's managing director Craig Dunstan resigned.