Wayne Wright says the reasons for listing the company are no longer relevant. Photo / Alan Gibson
Kidicorp founder Wayne Wright has taken over the childcare operator.
The firm went public in 2003 through a back-door listing into gambling software venture Feverpitch International but, this year, Wright launched a bid to buy back all the stock.
The 24c-a-share offer by Positive Educare, which is a
subsidiary of the Wright family's Mitchell Investment Trust, reached 91.37 per cent acceptance yesterday - passing the threshold for compulsorily purchasing remaining shares.
The offer was a 30 per cent premium to the closing price before news of the offer and a 16 per cent premium to a volume-weighted average from the previous six months.
The valuation by independent adviser Grant Samuel was for 24c - 31.1c a share. Shares closed yesterday at 23c.
Wright held 54.6 per cent of the stock after a partial takeover last year and the new bid for full ownership appeared assured after shareholder Fisher Funds Management - which had 19.9 per cent - said last month that it would sell. The independent directors recommended shareholders accept the offer.
Wright has said one of the reasons for listing - raising capital - was no longer relevant as that could be done through banks. Taking the company private also removed the pressure from shareholders to pay dividends.
KIDICORP IS SOLD
* Provides for 6000 children at 78 centres.
* Founder Wayne Wright's 24c-a-share full takeover has been successful.
* Wright took the company private because he no longer had any need for shareholders.
