Trade Me Group (TME) shareholders will be aware that the company entered into a Scheme Implementation Agreement on 12 December 2018, with Titan AcquisitionCo New Zealand Limited (Titan), for the acquisition by Titan of all the shares in TME (the Scheme).
The Scheme was approved by the required majorities of TME shareholders on 3 April 2019, and approved by the High Court on 16 April 2019. Full information concerning the Scheme, including the Scheme Implementation Agreement, Notice of Meeting/Scheme Booklet, results of the Shareholders’ Meeting, and the High Court Orders, are available on nzx.com/tme, investors.trademe.co.nz or on request from TME’s Company Secretary.
If the Scheme is implemented as expected, Titan will acquire all the shares in TME and will be TME’s sole shareholder. As a result, TME will be delisted from NZX (and therefore from ASX where it has a “foreign exempt dual listing").
Shareholders may trade their shares as usual at present, but there are key dates to be noted:
Trading Halt date: TME shares will be suspended from trading at the close of trading on 2 May 2019.
Scheme Record Date: The shareholders on the share register at 7.00pm (NZ) on 6 May 2019 will be the shareholders who participate in the Scheme.
Implementation Date: The Scheme is expected to be implemented, and payment made to shareholders, on or about 8 May 2019. The payment is NZ$6.45 per TME share.
Delisting Date: Delisting from both NZX and ASX will follow implementation of the Scheme and is expected to be on or immediately after Implementation Date.
No action is required on the part of current shareholders who want to participate in the Scheme.