The Australian Securities and Investments Commission approved Phileo Australia Ltd.'s proposal to extend the deadline for its annual general meeting to until Jan. 31, 2019, from until Nov. 30.

The extension will give the Melbourne-based property company and its adviser additional time to prepare and finalize the materials for its planned delisting from the Australian stock exchange and the selective capital return of up to 10.5 million shares of the company's shares.

Phileo intends to hold the meeting by no later than Dec. 21. If unable to do so, it plans to convene the gathering between Jan. 4, 2019, and Jan. 31, 2019, according to a news release.

The proposed exit from the bourse will be carried out under an agreement with Rudy Koh, Phileo's major shareholder and managing director. It will involve the cancellation of the company's shares for A$12.66 apiece under the selective capital reduction.