AMA - Blackstone deal requires S/holder vote

Press has suggested SFH is considering a similar carve out deal for SFH’s City Chic and Autograph should these brands be sold for the $100m offered.

Interesting in AMA, cash for the panel business can be alternatively swapped for cash and shares in an unlisted Blackstone controlled entity, which ties continuing shareholders in that vehicle to drag and tag along rights along with disposal restrictions to Blackstone etc.

The residual business is said to have continuing value for AMA shareholders (one for one share in new entity to be listed on ASX); complicating this for SFH is expectation that continuing group may be difficult to value and perhaps challenged until restructuring is completed.