The Scheme is subject to a number of conditions including: (i) ACCC and FIRB approval; (ii) an independent expert determining that the Scheme is in the best interest of AUSTAR minority shareholders; (iii) AUSTAR shareholder and court approvals; (iv) the receipt of an IRS ruling by LGI confirming LGI?s intended treatment of the transaction; and (v) other customary conditions for a transaction of this nature. Key terms of the Implementation Deed are outlined below. The full terms of the Implementation Deed, and associated transaction documentation, are expected to be released to the market shortly as part of FOXTEL?s substantial shareholding notice In order to implement the Scheme, a majority in number of the AUSTAR minority shareholders voting, and who represent at least 75% of the votes cast, must approve the
The independent directors of Austar unanimously recommended that Austar minority shareholders vote in favour of the scheme and associated shareholder resolutions.
The recommendations were made in the absence of a superior proposal and that the bid was subject to an independent expert concluding that the scheme was in the best interests of Austar minority shareholders.
At least 75 per cent of the minority Austar shareholders must approve the scheme at a proposed scheme meeting later this year.
