Persol Bid Sees Programmed Delist
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It’s offical, as of the close of trading today, Programmed Maintenance Services will no longer exist after the Federal Court approved the scheme of arrangement under which Persol Holdings of Japan will acquire all of the shares in Programmed.
Programmed said yesterday afternoon that it expects to lodge a copy of the court orders with the ASIC today (Wednesday), at which time the Scheme will become legally effective.
Programmed will then apply for its shares to be suspended from trading on ASX from close of trading tomorrow, ending an 18-year listing on ASX that began in 1999.
Programmed Chairman Bruce Brook thanked shareholders and management for their support:
“Thank you to shareholders who have bought and owned Programmed shares over the years. Your support since the company floated in 1999 has enabled us to expand and grow into a national market leader,” he said in a statement to the ASX.
"I would also like to thank all members of the Programmed team – both past and present – for their contribution to the company’s successful evolution since it was founded 66 years ago."
Programmed shareholders who are registered in the share register on both of the Special Dividend Record Date and Scheme Record Date will receive a total cash payment of $3.02 in respect of each Programmed share held, which will comprise: the fully franked special dividend of $0.16, payable by Programmed; and the scheme consideration of $2.86, payable by PERSOL. Those payments will start on October 27.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.