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Shareholders approve ASX firm takeover
A decision has been reached at a scheme meeting today, involving the takeover of ASX-listed IP firm Xenith IP Group Limited by its former competitor IPH Group Limited.
Emma Musgrave
At the scheme meeting of Xenith IP Group Limited, held today, Xenith shareholders voted in favour of the scheme of arrangement under which it is proposed that IPH Limited (IPH) will acquire all shares in Xenith for a combination of cash and scrip consideration.
“By combining Xenith’s leading IP businesses with the scope and scale of the IPH Group, all of Xenith’s stakeholders now have the opportunity to participate in the success of a much larger operation.
“The significantly larger scale of the combined group will provide greater capacity to fulfill the strategies previously communicated to Xenith shareholders, including a focus on the growth opportunities in Asia. Increased scale also provides a broader base for the enhancement of technology systems and the provision of additional training and other career enhancements, to the benefit of clients and staff.”
Next steps see Xenith apply to the Federal Court of Australia for approval of the scheme, with a hearing currently scheduled for 31 July 2019. The scheme remains subject to approval by the federal court at this hearing.
The shareholder approval comes after months of back and forth between the two parties, including an attempt by fellow IP firm QANTM Intellectual Property Limited to merge with Xenith earlier this year.
“The process for Xenith to reach this point has been long and occasionally unpredictable,” Ms Krieger said.
“I would like to thank all of Xenith’s shareholders and employees for their patience, understanding and steadfast focus during a year dominated by M&A activity. I would also like to thank Xenith’s shareholders for the overwhelming support they have shown for the recommendation of the Xenith board in respect of the IPH acquisition.
“I pay tribute to my fellow directors and the company’s senior management team for their contribution to the transformation of a number of private partnerships into a successful listed IP services group worthy of acquisition by the largest listed player in the sector.
“The acquisition will result in the delivery of optimum value to Xenith’s shareholders.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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