Auswide Bank Ltd (ASX:ABA) Completes Acquisition by MyState Bank
Scheme Implementation
Auswide Bank Ltd (ASX:ABA) has announced the completion of the scheme of arrangement where MyState Bank Limited has acquired 100% of its shares. Auswide is now an indirect wholly owned subsidiary of MyState.
Scheme Consideration
Eligible shareholders received 1.112 new MyState shares for each Auswide share held as of 12 February 2025. Ineligible foreign shareholders will receive a pro-rata share of the proceeds by 19 March 2025.
Delisting from ASX
Trading in Auswide shares was suspended on 10 February 2025. The company will apply for removal from the ASX on 20 February 2025.
Board Changes
Brett Morgan has been appointed Managing Director and Chief Executive Officer of Auswide. Vaughn Richtor, Sibylle Krieger, Andrea Waters and Warren Lee have been appointed as non-executive directors. Sandra Birkensleigh remains as Chair, with Jacqueline Korhonen and Gregory Kenny also as non-executive directors. Grant Murdoch, Cameron Mitchell and Lyn McGrath have resigned as non-executive directors, and Doug Snell has resigned as Managing Director. Gary Dickson has been appointed Chief Financial Officer of Auswide.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.