On 16 October 2013 the Supreme Court of New South Wales made order to convene a meeting of shareholders in The Trust Company to consider and vote on the Scheme on 28 November 2013, The Trust Company said in an update to the Australian Securities Exchange (ASX).
The booklet sets out the detail of the Scheme of Arrangement between Perpetual and The Trust Company, the details of which have been considered by an independent expert and deemed to be fair and reasonable, according to The Trust Company.
The expert also deemed the acquisition to be in the best interests of shareholders of The Trust Company, “in the absence of a superior proposal”, The Trust Company stated.
“We welcome this latest development in our proposal to acquire The Trust Company,” said Perpetual chief executive and managing director Geoff Lloyd.
“We are pleased that The Trust Company shareholders will shortly be receiving the relevant information to assess the proposed Scheme.”
He said Perpetual shares a fiduciary and service heritage with The Trust Company and “the combination of our two businesses will deliver greater scale and capabilities across each of Perpetual’s three business units”.
He described the transaction as “financially compelling” for shareholders of both companies, anticipating annual run-rate synergies of at least $15 million before tax and the “accelerated growth delivered through the complementary services”.
