SYDNEY: ClearView Wealth Limited announced Thursday that its acquisition by Zurich Financial Services Australia Limited has been implemented, finalizing the scheme of arrangement approved by shareholders and the New South Wales Supreme Court last month.

Zurich is now the registered holder of all ClearView shares on issue, according to a company statement. Trading in ClearView shares on the Australian Securities Exchange was suspended July 31, and the company will apply for removal from the official list effective at the close of trading Aug. 21.

Shareholders who held ClearView shares on the scheme record date of Aug. 13 received 60 Australian cents in cash per share. That payment follows a fully franked special dividend of 5 cents per share paid Aug. 12 to shareholders on record as of Aug. 5.

The Australian Taxation Office has provided ClearView with a draft class ruling confirming the income tax treatment for certain shareholders regarding the scheme and special dividend, consistent with the summary in the scheme booklet. The draft ruling is not binding, and only the final ruling — expected after the implementation date — can be relied upon by shareholders.

ClearView advised shareholders to seek independent professional tax advice, as the benefit of any franking credits attached to the dividend depends on individual circumstances. The final class ruling will be published on the ATO’s website when issued.

ClearView Wealth Limited, listed on the ASX under the code CVW, is an Australian financial services company.