Donaco International shareholders voted on On Nut Road Limited’s acquisition proposal today. ONR seeks to purchase all Donaco shares it doesn’t currently own.
The vote took place through a scheme of arrangement process. This legal mechanism requires both shareholder and court approval.
Shareholders participated in person and through proxy voting. The resolution was decided by poll rather than a show of hands.
ONR already owns a portion of Donaco shares. The scheme would give them complete ownership of the casino operator.
The scheme received 98.11% of the votes cast in favour. Additionally, 77.50% of shareholders present voted to approve the arrangement.
These percentages meet the legal requirements for scheme approval. Australian law sets specific voting thresholds that must be reached.
Donaco provided detailed voting data in compliance with ASX listing rules. The company also followed the Corporations Act requirements for disclosure.
The voting took place after shareholders received the scheme booklet on June 23. This document contained full details about the proposed transaction.
The Supreme Court of New South Wales must approve the scheme. The court hearing is scheduled for Thursday, August 7.
Several conditions precedent must be satisfied before the court hearing. These are standard requirements for acquisition transactions.
If conditions are met and the court approves, Donaco will file court orders with ASIC on August 8. The scheme would become effective that same day.
Donaco shares would suspend trading on ASX after market close on August 8. The record date for determining scheme entitlements is August 12 at 5:00 pm.
Implementation is scheduled for Tuesday, August 19. Shareholders would receive their scheme consideration on that date.
The court hearing represents the final major approval step. Judges review the fairness and legal compliance of the scheme during these hearings.
The August 7 court date depends on all other conditions being satisfied by 8:00 am that day. If conditions aren’t met, the hearing could be postponed.
Donaco and ONR entered the scheme implementation deed on March 16. The companies announced the transaction arrangement on March 17.
The record date determines which shareholders receive payments. Only those holding shares on August 12 qualify for scheme consideration.
Trading suspension prevents market confusion during the transition period. Shareholders cannot buy or sell shares once the scheme becomes effective.
Implementation involves the actual transfer of ownership and payment distribution. This final step completes the acquisition process.
The transaction would take Donaco private if completed successfully. The company currently operates casinos in Southeast Asia and trades on the Australian Securities Exchange.
In late July, Donaco released its Q2 financial results, revealing that group-wide EBITDA dropped 57% year-on-year.
