Vitaco scheme of arrangement headed to Federal Court

Company News

by David Chau

The shareholders of Vitaco Holdings (ASX:VIT) have approved a Scheme of Arrangement, under which the company will be privatised and taken over by Chinese companies, Shanghai Pharmaceuticals and Primavera Capital.

Vitaco is an Australian company which makes vitamins brands such as Nutra-Life and Wagner, as well as body-building and nutrition products under the Musashi brand.

The company has made an application to the Federal Court for the Scheme to be approved, and that hearing is scheduled for next Tuesday, 6 December 2016.

If the Court approves the Scheme, Vitaco’s shares will be suspended from trading at the ASX on 6 December. Its shareholders will also be paid $2.22 for each Vitaco share they own.

Vitaco posted a net loss of $9.1 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.