What a bizarre announcement. I can't find a Spheria article of today's date - the one I posted was from Tuesday.
I'm surprised they didn't add the usual "the board unanimously recommends voting yes" nonsense.
Curious wording "Scheme B in the current format". Watch this space.
The announcement doesn't officially state that Spheria are voting against Scheme A, but I'm calling it - Scheme A is officially dead even if Spheria want to vote it up. Their average price doesn't suggest they'd have any interest in $2.32, especially if they're involved in this weeks $2.50 action.
Surely the market pricing has now also killed Scheme B? I'll update the voting calculations once we get the Form 604 (tonight I'm guessing).
SPHERIA VOTING INTENTION
12 November 2020: Village Roadshow Limited (ASX: VRL) (“VRL”) notes a media article
published today referring to the company. That article, and subsequent confirmation from
Spheria Asset Management ("Spheria"), a substantial shareholder in VRL, indicates that
Spheria intends to vote its shares against Scheme B in the current format. Scheme B is one
of two alternative but concurrent schemes of arrangement between VRL and its
shareholders, under which VRG BidCo Pty Limited, an entity owned by funds managed or
advised by BGH Capital Pty Ltd, will acquire 100% of VRL, as proposed in an Implementation
Agreement announced to the ASX on 7 August 2020 and set out in greater detail in the
Scheme Booklet dated 12 October 2020.
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