SYDNEY: SelfWealth Ltd (ASX:SWF) announced Monday it has received a binding proposal from Svava Pte Ltd to acquire 100% of the shares in SelfWealth for $0.28 cash per share through a scheme of arrangement.
The cash consideration under Svava’s proposal represents a 12% premium compared to the $0.25 per share offered in the proposed transaction with Bell Financial Group Limited. Svava currently holds approximately 43.4 million SelfWealth shares, which accounts for around 18.8% of the total shares on issue.
Following the announcement of Svava’s proposal on February 3, 2025, SelfWealth engaged with Svava to complete due diligence. The company received satisfactory information regarding Svava’s funding capacity, regulatory approval requirements, and other pertinent matters. As a result, SelfWealth’s Board has decided to commence the matching right process under the scheme implementation deed with Bell, announced on November 25, 2024.
SelfWealth has now notified Bell of the material details, terms, and conditions of Svava’s proposal and has started the matching right process. Bell has until 5 p.m. on February 26, 2025, to provide a counterproposal in response to Svava’s offer. Should Bell submit a counterproposal, SelfWealth will evaluate it to determine if it is likely to provide an equivalent or more favorable outcome for its shareholders.
SelfWealth shareholders are not required to take any action at this time. The company will provide updates regarding Svava’s proposal and any counterproposal from Bell in due course.