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Australia's Silver Chef ends potential offer agreement with Next Capital

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Australia's Silver Chef ends potential offer agreement with Next Capital

Silver Chef Ltd. terminated its scheme implementation agreement Aug. 31 with a consortium of investors led by Australian private equity firm Next Capital Pty Ltd., after a shareholder objected to the proposed deal.

It added in a Sept. 2 release that it would engage with the shareholder Blue Stamp Co. on the latter's recapitalization proposal, in which Silver Chef would undertake an entitlement offer to raise approximately A$50 million at 31 cents per share.

Blue Stamp, a fund manager that owns a 19.99% stake in Silver Chef, strongly opposed the Next Capital scheme as it would "unfairly deprive shareholders of significant upside value inherent in the turnaround of Silver Chef's performance," its chief investment officer said in an Aug. 30 statement.

The executive added that the Silver Chef board failed then to engage on Blue Stamp's alternative recapitalization proposal.