Candice Cooke, Asia Pacific - April 2021
WAM Capital Limited (WAM) set to takeover amaysim Australia Limited (ASX: AYS) with sights on franking credits
WAM Capital is set to takeover amaysim Australia Limited offering a cash or shares option to holders.
The WAM Capital takeover offer opened on Tuesday 2nd February and within the first three days it was announced that 27.4% of the amaysim share registry had accepted the offer. amaysim Australia shareholders were given the option to accept 69.5¢ in cash; 84¢ in WAM Capital shares or a combination of cash and scrip.
The takeover offer is pre-tax net tangible assets accretive for WAM Capital, a fund with a focus on building and leveraging 'permanent capital'. Secondarily, the planned amaysim distribution will include a $80.7 million fully franked payment.
amaysim Australia sold its energy business, Click Energy Group Pty Ltd, to AGL in 2020 for $115 million. The WAM Capital offer was conditional on the shareholders accepting the Optus offer to buy the company's virtual mobile communications business for $250 million. amaysim will delist in April.
WAM Capital (WAM) is currently trading at $7.75 per share.