SG Fleet Group Limited (ASX: SGF) has confirmed that the scheme of arrangement with Westmann Bidco Pty Limited, an entity controlled by Pacific Equity Partners Pty Limited, has become legally effective. This follows the Supreme Court of New South Wales’ approval of the scheme, under which Westmann Bidco will acquire all SG Fleet shares. The court orders were lodged with the Australian Securities and Investments Commission (ASIC) on April 16, 2025, marking a significant step in the acquisition process.
Trading of SG Fleet shares on the ASX will be suspended from the close of trading on April 16, 2025. The implementation of the scheme is scheduled for April 30, 2025, when SG Fleet shareholders will receive the scheme consideration. Shareholders, excluding those Relevant Management Shareholders who elected for Scrip Consideration, will receive $3.50 in cash per SG Fleet share held on the Scheme Record Date, which is 7.00pm (Sydney time) on Wednesday, 23 April 2025. Those Relevant Management Shareholders who opted for Scrip Consideration will receive 3.5 Topco Shares for each of their Scheme Shares, subject to rounding.
The Supreme Court’s orders, issued on April 15, 2025, officially approved the scheme of arrangement under section 411(4)(b) of the Corporations Act 2001 (Cth). SG Fleet was also exempted from compliance with section 411(11) of the Act in relation to the Scheme, under section 411(12) of the Act. Further details regarding the scheme can be obtained by contacting the Shareholder Information Line. This acquisition represents a significant transaction in the fleet management sector, with Pacific Equity Partners set to take full control of SG Fleet.
