StateWest Credit Society has released its scheme documentation, the next step towards the merger with Western Australian financial services group Home Building Society Ltd.
StateWest Credit Society has released its scheme documentation, the next step towards the merger with Western Australian financial services group Home Building Society Ltd.
StateWest members have approved the proposal to demutualise, and is now required by its constitution to undertake a further vote of members to approve the merger proposal - which will be done through the scheme documentation.
This vote is the final vote required for approval of the merger, which is scheduled for completion in early July subject to final court approval.
The scheme documentation will be sent to StateWest members on May 24, but is already available on the Home and StateWest websites.
The scheme meeting requires 75 per cent of members voting (in person or by proxy) to vote in favour of the scheme. There is no minimum requirement in terms of the number of StateWest members who participate in the vote.
Under the proposal, Home will acquire the shares in StateWest by way of scheme of arrangement in exchange for the issue of a maximum total of approximately 15.17 million shares to StateWest members.
The indicative timetable for completion of the transaction is as follows:
By 24 May
Posting of merger documentation and EGM notice to StateWest members
21 June
Scheme Meeting of StateWest members and EGM to vote on the merger
28 June*
Second Court Hearing
10 July*
Implementation of the Scheme
*dates may be subject to change depending on timing of the Court and regulatoryapproval
THE FULL MEDIA RELEASE APPEARS BELOW.
11 May 2006
Release of StateWest Scheme Documentation for Proposed Merger with Home
Home Building Society Ltd (ASX: HME) announces the release of the StateWestscheme documentation for the proposed merger by way of scheme of arrangement.
While StateWest members have approved the proposal to demutualise StateWestpursuant to the StateWest constitution a further vote on the resolutions required forStateWest members to approve the proposed merger will be held at a scheme meeting and a StateWest extraordinary general meeting to be held in Perth on 21 June. StateWest Members can vote either by proxy form or in person at these meetings which are the final votes required for approval of the merger scheduled for completion in early July after final Court approval.
Although the scheme documentation that will be sent to StateWest members is currently being printed, an electronic copy of the scheme documentation is now available on the websites of both Home (www.homeonline.com.au) and StateWest (www.statewest.com). The printing, binding and mailing process will take another 13 days, hence the posting date by 24 May 2006.
At the scheme meeting, 75% of members voting (in person or by proxy) need to vote in favour of the scheme at the scheme meeting and on the merger required constitutional amendments at the StateWest EGM. There is no minimum requirement in terms of the number of StateWest members who participate in these votes.
StateWest Chairman Trevor Halliday urged StateWest members to exercise their voteand have a say in the future of their society.
"We have been very pleased with the participation of our Members in the mergerprocess so far. This is the final vote in the process and we encourage our Members toonce again exercise their voting rights" said Mr Halliday.
Under the proposal, Home will acquire the shares in StateWest by way of scheme ofarrangement in exchange for the issue of a maximum total of approximately 15.17mshares to StateWest members.
The shares will be distributed equally to StateWest members once all approvals andmerger conditions have been met. In addition, StateWest members will also receive a special dividend from StateWest.
At the current market levels the amount each StateWest member would receive inshares and dividend is worth approximately $3,258.08 (based on a 45 day volumeweighted average price for Home shares of $12.84 at the close of trade on 11 May2006).
The indicative timetable for completion of the transaction is as follows:
By 24 May
Posting of merger documentation and EGM notice to StateWest members
21 June
Scheme Meeting of StateWest members and EGM to vote on the merger
28 June*
Second Court Hearing
10 July*
Implementation of the Scheme
*dates may be subject to change depending on timing of the Court and regulatoryapproval
