trending Market Intelligence /marketintelligence/en/news-insights/trending/9sl8vyx522oislsgqx9vhw2 content esgSubNav
In This List

Phileo Australia major shareholder proposes to delist developer from ASX

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective

Blog

Insights Weekly: Midstream sector gains; loan growth momentum; insurance M&A on the rise


Phileo Australia major shareholder proposes to delist developer from ASX

Phileo Australia Ltd. is planning to delist from the Australian stock exchange under an agreement with its major shareholder and managing director, Rudy Koh.

The scheme will involve a selective capital reduction that entails the cancellation of up to 10.50 million of the Melbourne-based property owner and developer's shares at a price of A$12.66 apiece.

Phileo's delisting from the ASX, which was unanimously recommended by the company's independent directors, will transform it into a private entity that is 56.16%-controlled by Koh, according to a filing. The proposal is subject to the approval of the developers' shareholders during three meetings scheduled for December.

If approved, the selective capital reduction and Phileo's delisting are expected to take effect in January 2019.

Shine Wing Australia Corporate Finance Pty. Ltd., Deloitte Private Pty. Ltd. and MinterEllison are advising the company regarding the proposal, while Pitcher Partners Corporate Finance Pty. Ltd. and Arnold Bloch Leibler are advising Koh.