Windlab (ASX: WND) shareholders voted overwhelmingly in support of the scheme resolution tabled at the scheme meeting on Friday June 4 that will result in the purchase of all outstanding shares in Windlab by a consortium comprising Squadron Energy and Federation Asset Management.
Overall 99.6% of votes cast in the poll were in favour of the scheme of arrangement proposed between Windlab Limited and Scheme Shareholders. The takeover bid values Windlab at around A$68 million. Squadron Energy and Federation Asset Management’s joint proposal offered shareholders $1.00 in cash for all outstanding shares in the company, which had been trading just over 70 cents at the time. Once finalised, the company will return to private ownership.
The Windlab takeover is now subject to the approval of the Supreme Court of New South Wales and will consider the proposal on 12 June, 2020. The acquisition of Windlab by the Federation and Squadron Energy consortium is expected to be finalised by 26 June, 2020.