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Shareholders to vote on Opus Bermuda

Wednesday, 01 August 2018
By Graham Osborne
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Ligare book printing.

The Federal Court has ordered a meeting of Opus Group shareholders in September to vote on the company’s plan to exit the Australian Stock Exchange (ASX) and re-domicile to Bermuda.

‘In the best interests of Opus shareholders’: Richard Celarc, chairman Opus Group.

The Hong Kong-owned company, which includes leading Australian print businesses Ligare, CanPrint and McPherson’s – wants to delist from the ASX, re-domicile from Australia to Bermuda and apply for a listing on the Stock Exchange of Hong Kong.

The re-domiciliation plan, announced in June, would see Opus shareholders exchange their securities in Opus for securities in a newly incorporated Bermudan entity, Left Field Printing Group Limited (TopCo) on the basis of three TopCo shares for every one Opus share.

“Opus Group is pleased to confirm that the Federal Court today ordered that a meeting of Opus shareholders be convened to consider and, if thought fit, to approve the scheme of arrangement under which Left Field Printing Group will acquire Opus to effect the re-domiciliation of Opus and to undertake a list on the main board of the Stock Exchange of Hong Kong,” the company told the ASX.

The Opus board has unanimously recommended that shareholders vote in favour of the scheme. “The Opus board considers that the re-domiciliation to Bermuda will be more attractive to international visitors, will allow Opus Group to seek fiscal efficiencies, is a stable jurisdiction and is a common choice for entities listed on HKEx.

“As Opus’s key operations will still be located in Australia, the Opus directors do not expect any significant changes to the Opus Group’s assets and operations as a result of the scheme.”

Opus chairman Richard Celarc said the board’s recommendation has been supported by Lonergan Edwards, an independent expert engaged by the board. “The independent expert had concluded that the proposed transaction is in the best interests of Opus shareholders,” Celarc said.

The shareholder meeting will be held at 11am on 6 September 2018, at Club Rivers, 32 Littleton Street, Riverwood, NSW.

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