Key Highlights:
-- PropTech Group Limited (ASX: PTG) (“Company” or “PropTech Group”) has entered into a Scheme Implementation Deed (“SID”) with a wholly owned subsidiary of MRI Software LLC (“MRI”, “BidCo”), under which it is proposed that BidCo will acquire 100% of PropTech Group via a Scheme of Arrangement (the “Scheme”).
-- Under the Scheme, PropTech Group shareholders will be entitled to receive A$0.60 cash per share, equating to an implied equity value of approximately A$93.4 million1 on a fully diluted basis (the “Scheme Consideration”).
-- The Scheme Consideration represents an attractive premium of 131% to the last closing price of PropTech Group shares prior to the date of this announcement.
-- The Board of PropTech Group unanimously recommends that PropTech Group shareholders vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of PropTech Group shareholders.
-- Subject to those same qualifications, each PropTech Group Director has confirmed that they intend to vote or cause to be voted any PropTech Group shares that they hold or control in favour of the Scheme at the Scheme Meeting (representing approximately 19% of PropTech Group’s issued capital).
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