News
Response to ASX Announcement by AVJennings
April 1, 2025 | IN Media Release and News | BY Made Neat | 2 min read
AVID Property Group notes the ASX Announcement made by AVJennings Limited (AVJ) regarding the binding Scheme Implementation Deed (SID) that has been entered into between AVJ and PM Nominees C Pty Ltd, an investment vehicle of Proprium Capital Partners (Australia) Pty Ltd (Proprium) and AVID Property Group (AVID), to acquire all of the ordinary shares in AVJennings for $0.655 cash consideration per share1 by way of a scheme of arrangement (Scheme).
This is an important step in the transaction process, which remains subject to a number of conditions including:
- Court and AVJennings shareholder approval;
- A report from an independent expert that concludes that the Scheme is in the best interests of AVJenningsshareholders;
- Receipt of Australian Foreign Investment Review Board (FIRB) and New Zealand Overseas InvestmentOffice (OIO) approvals; and
- No prescribed occurrences, restraints or material adverse changes.
The AVJennings Board of Directors has unanimously recommended that AVJennings shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of the AVJ shareholders.
Anthony Kingsley, Partner at Proprium Capital Partners and Chairman of AVID Property Group said: “Today’s announcement marks a significant milestone in our efforts to enhance our portfolio with highly complementary assets, providing fresh momentum to our growth story. We believe the offer represents attractive value for AV Jennings shareholders, and we welcome the AV Jennings Board’s recommendation in favour of the Scheme.”
Media contact:
Caroline Stanley, Director GRACosway
+61 402 170 901, cstanley@gracosway.com.au
