Phileo Australia Ltd. will lodge a formal application to delist from the Australian stock exchange Dec. 21, as the Melbourne-based real estate operator and manager's plan, involving a selective capital return, was approved by majority shareholders Dec. 20.
Under the proposed deal with its major shareholder and managing director Rudy Koh, Phileo will undertake a selective capital return whereby as much as 10.5 million of its shares will be canceled for A$12.66 apiece. Once the transaction is completed, Phileo is to apply for removal from the bourse's official list, according to a release.
In connection with the plan, Phileo held three consecutive shareholder meetings Dec. 20, where 99.63% and 99.76% of eligible votes were cast in favor of the capital return and 99.81% of the votes were cast in favor of the delisting.
The last day of trading of Phileo shares on the exchange is slated to be Jan. 21, 2019, with the delisting scheduled for Feb. 1, 2019.
The private entity created will be 56.16% controlled by Koh.
Shine Wing Australia Corporate Finance Pty. Ltd., Deloitte Private Pty. Ltd. and MinterEllison are advising the company on the proposal, while Pitcher Partners Corporate Finance Pty. Ltd. and Arnold Bloch Leibler are advising Koh.