Exert from COA shareholder newsletter
'Indicative timetable':
The indicative timetable for events set out in this letter is as follows. It should be noted that the timing is for guidance only
and may be influenced by a number of factors. Coates will keep you informed.
October 2: Scheme Implementation Agreement signed
October 3: Final dividend of 11 cents paid
Mid November: Scheme document and notice of General Meeting sent to shareholders
Mid December: Scheme General Meeting for shareholders, followed by Court hearing
Early January: If approved, payment of $6.06 cash and $0.53 special dividend, with franking credits of $0.23 attached.
'Conclusion'
I am proud of our record at Coates. It is a well run company with a history of strong profits and a sound strategy based on growth and diversification. Over the last five years we have delivered year-on-year growth in sales, profits, and dividends.
The continuation of current operations, pursuit of value enhancing strategies and implementation of strategic initiatives we announced last month was a realistic plan to deliver growth into the future.
Ultimately, however, the improved offer from the Consortium allows shareholders to benefit from the inherent value of the Coates business and provides a share of the synergies that will be secured on the combination of the Coates and National Hire businesses.
Further information
A full copy of the 2 October announcement and all other Coates announcements are available on the Coates website,
www.coates.com.au.
We will keep you informed of any significant developments and will send information to you regarding the proposed Scheme of Arrangement and shareholders’ meeting in good time.
In addition a shareholder information line has been set up to assist shareholders who have any questions on this matter. Shareholders should call 1800 135 772 9am to 5pm ESDT if they have any queries. Detailed information will be available on this number at the end of October.
COA
coates hire limited
