PERTH: MCS Services Ltd. has secured shareholder approval to sell the assets of its subsidiary Highways Traffic Pty Ltd. to Altus Traffic Pty Ltd., clearing a key hurdle in the disposal of the company’s main undertaking.
Following an extraordinary general meeting held April 21, 2026, shareholders passed the sole resolution by the requisite majority, MCS announced. The company is now working toward completion of the transaction.
Under the Asset Purchase Agreement announced Feb. 26, 2026, Altus will pay 1.16 million Australian dollars at settlement. The sale includes Highways Traffic’s vehicle fleet and other core fixed assets with a net book value of 670,000 dollars as of Dec. 31, 2025, to be transferred on an unencumbered basis. Vehicle finance with a current balance of 460,000 dollars as of the same date will be paid out by Highways Traffic at settlement.
The agreement also covers the assignment of intellectual property — including the Highways Traffic business name and branding — the novation or assignment of material contracts, and offers of employment to all Highways Traffic employees by Altus, subject to completion.
Three conditions precedent remain outstanding: an equipment inspection by Altus to confirm the vehicle fleet and fixed assets remain in substantially consistent condition, the company’s use of best endeavours to transfer material contracts by novation to Altus, and the company facilitating meetings between Altus and a particular client.
MCS anticipates that satisfaction or waiver of all conditions should be complete by April 28, 2026, with the disposal finalized by April 30.
Following the transaction’s completion, the company’s structure will remain unchanged. The board intends for Highways Traffic to realise its remaining assets, primarily trade debtors, pay remaining liabilities including employee entitlements, and provide net surplus funds to MCS.
MCS said it will remain open to third-party offers relating to restructures and re-compliance with ASX listing rules, anticipate future ventures, and depending on the outcome of that process, either assess suitable investment and acquisition opportunities to acquire a new business asset or look at the most appropriate method of returning available cash to shareholders.
Dennis Wilkins, company secretary, could be reached for further information at +61 417 045 049.