The Supreme Court of Queensland has today made orders approving the scheme of arrangement (“Scheme”) under which Auswide Bank Ltd (ASX: ABA) will acquire all of the shares in Queensland Professional Credit Union Ltd (trading as YCU – Your Credit Union (“YCU”)).
The court approval follows the overwhelming support for the merger by YCU members at the scheme meeting held on 18 April 2016.
It is expected that a copy of the court orders together with a copy of the approved Scheme will be lodged with the Australian Securities and Investments Commission tomorrow (4 May 2016), at which time the Scheme will become effective.
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