Mainstream shareholders vote for acquisition by Apex

Mainstream Group Holdings’ shareholders have voted in favour for the fund administrator to be acquired by Apex Fund Holdings by way of scheme of arrangement.

An announcement to the Australian Securities Exchange (ASX) said Mainstream’s last day of trading on the ASX would be on 18 October, 2021, with the acquisition closing on 27 October, 2021.

During the scheme meeting, 99.98% of the total number of votes cash by Mainstream shareholders were in favour of the scheme resolution.

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The acquisition remained subject to the approval of the Federal Court of Australia when a second hearing is to be held on 15 October, 2021.

Mainstream’s independent expert, Deloitte, said the acquisition was fair and reasonable and in the best interests of shareholders and assessed the value of Mainstream to be in the range of $2.17 to $2.64 per Mainstream share.

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