The independent directors of Wealth Defender Equities (WDE) have recommended shareholders should accept WAM Capital’s takeover offer, free of defeating conditions.
The offer was expected to close 26 October 2018.
Under the terms of the deal, WAM said it would conduct a review of the strategy, operations, activities, assets and employees of WDE in light of the information which become available.
Further to that, WAM said it would seek to remove WDE from the official list of the Australian Securities Exchange (ASX) and WAM should proceed with a realisation of WDE’s investments and conduct a return of capital.
Therefore, WDE shareholders should remain aware of the fact that WDE may be no longer be a listed investment company on the ASX, the firm said.
However, if WDE shareholders wanted certainty then they should, according to the firm, continue to hold shares in a listed investment company on ASX, they should accept the offer.
“The sooner the remaining Wealth Defender shareholders accept the offer, the faster all wealth Defender shareholders will receive the bid consideration,” the company said in a statement to the ASX.
Investment research house, Zenith Investment Partners, also recommended shareholders accept the offer.