VBS Exchange Pty. Ltd. made an offer to acquire remaining 80% stake in Altamin Limited (ASX:AZI) for AUD 29.9 million on May 3, 2022. The purchase price is AUD 0.095 cash per share. The VBS Exchange currently owns 77,269,650 shares, representing approximately 19.73% of the shares in Altamin. The consideration will be funded by VBS Exchange from its available internal cash reserves of AUD 30 million. Upon completion, VBS Exchange intends to replace the Altamin board with their nominees. The offer is not subject to any minimum acceptance conditions and is only conditional on there being no prescribed occurrences happening in respect of Altamin before the offer closes. Upon acquisition of 90% stake VBS Exchange would proceed with compulsory acquisition on same terms as the offer. As of May 10, 2022 Altamin's board recommended the shareholders to reject the offer. As of June 2, 2022, VBS Exchange's takeover offer is expected to open on June 3, 2022 (being the date on which VBS Exchange is entitled to dispatch its Replacement BidderÆs Statement to Altamin shareholders). As of July 26, 2022, Board of Directors of Altamin Limited recommended shareholders not to take any action. The replacement BidderÆs Statement will confirm the offer open date as June 3, 2022, and offer close date of July 4, 2022. As of June 24, 2022, offer period has been extended to July 18, 2022.As of July 8, 2022, offer period has been extended to August 1, 2022. Adam Brooks and Emma Cook of Thomson Geer Lawyers acted as legal advisors and Equion capital acted as financial advisor of VBS Exchange. Altamin is being advised by the Lisle Group and Gilbert +Tobin. BDO Corporate Finance (WA) Pty Ltd acted as independent expert for Altamin.
VBS Exchange Pty. Ltd. completed the acquisition of 19.03% stake in Altamin Limited (ASX:AZI) for AUD 7.1 million on August 1, 2022. Post completion of the offer, VBS Exchange's voting power in Altamin is 38.76%