Emeco’s three way merger is now expected to take place on terms that are largely similar to those previously proposed
On 16 December 2016, Emeco announced that after continued constructive discussions, noteholders who voted against the creditors’ scheme have now committed to support the transaction and have additionally agreed to sub underwrite the remaining $10m of the $20m rights offer to be conducted as part of the transaction.
For Emeco shareholders and noteholders, the transaction metrics will be substantially the same as the previously proposed transaction.
Emeco’s current creditors’ scheme process is expected to be dismissed at a court hearing scheduled for this afternoon. The company will provide further details and a timetable of the transaction in due course.