Scottish Pacific Takeover Scheme of Arrangement - represented by PwC Legal

24 September

PwC Legal played a significant role in the takeover announced today by Scottish Pacific (SCO), acting as legal and tax adviser for the proposed scheme with a value of more than $600m. The attractive takeover proposal recognises the continued potential for growth in the sector, and bolsters the future growth plans for Scottish Pacific. 

In its ASX announcement, SCO’s Chairman Patrick Elliott commented: “Affinity Equity Partners’ proposal represents a significant premium to SCO’s recent share price, and entitles all SCO shareholders to receive up to 100 per cent of the Scheme Consideration in cash which provides value certainty for shareholders. We believe the proposal is consistent with the Board’s efforts to maximise shareholder value.”

PwC Legal supported Scottish Pacific through its original listing on the ASX in June 2016, and has continued to work closely with the SCO executive team. 

Lead partner on the engagement, Ashley Poke, said that the proposed scheme of arrangement is a strong show of confidence in the growth potential of SCO and the quality of its management team, with the scheme of arrangement offering shareholders an opportunity to realise value at an attractive premium. It also suggested confidence in the non-bank financial sector generally, he said.

“Scottish Pacific received an unsolicited bid from Affinity.  After careful consideration and negotiation by the Board and its advisers, the final offer was accepted with exclusivity granted to Affinity (subject to no superior proposals emerging).

"The scheme will now be subject to customary approvals including the requisite regulatory and court approvals, with a target date of completion in late December 2018.  

“With PwC providing the associated tax and legal services to Scottish Pacific, it has been a great testament to our team’s ability to bring multidisciplinary teams to the table. It has resulted in a seamless adviser experience that we are proud to deliver.” 

The scheme builds upon the strong start to FY19 by PwC’s integrated team, with the intersections of legal, M&A, private clients and tax continuing to offer end-to-end solutions to clients. 

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