Airwork Holdings will quit the NZX main board on November 15 now that Rifa Jair Company, a unit of China's Zhejiang Rifa Holding, has exercised its compulsory acquisition rights in full takeover over the aviation services firm.
Rifa made a full takeover for Airwork in September, offering shareholders $5.20 per share in what was a fait accompli having signed lock-up agreements giving it more than 90 per cent, meaning it could automatically enforce Takeovers Code mop-up provisions. The Chinese company built up a 75 per cent stake in the Auckland-based aircraft services business after a $5.40 per share partial offer went unconditional earlier this year.
Earlier this month the company said it was exercising those compulsory acquisition rights after it became the dominant owner. The takeover offer closes at 11.59 pm on November 10 and shareholders have until that time to accept the offer.
Airwork said it understands NZX intends to suspend trading in Airwork shares on Nov. 10 and shareholders have until November 24 to return a signed transfer in response to the compulsory acquisition notice, after which time any outstanding shares will be transferred to Rifa and payment for the shares held by Airwork pending a claim by the former holder.
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While Zhejiang Rifa previously signalled its intention to delist, it doesn't plan to change Airwork's board, management or staff, and will keep the company's headquarters in Auckland.
The stock last traded at $5.16 and are up 5.3 per cent so far this year.