AVJennings Scheme Approved: Shares Suspended Ahead of Delisting

Scheme Approval and Legal Effectiveness

AVJennings Limited (ASX, AVJ) has reached a significant milestone in its acquisition journey, with the Supreme Court of New South Wales granting formal approval to the scheme of arrangement. This legal endorsement marks the scheme as effective, paving the way for the investment vehicle PM Nominees C Pty Ltd, linked to Proprium Capital Partners and AVID, to acquire all ordinary shares of AVJennings.

Share Suspension and Market Impact

Following the court’s approval, AVJennings shares were suspended from trading on both the Australian Securities Exchange and Singapore’s SGX GlobalQuote as of the close of trade on 24 July 2025. This suspension signals the imminent transition of AVJennings from a publicly traded entity to a private company under new ownership, a move that will culminate in its delisting less than a month later.

Key Dates and Financial Considerations

Shareholders should note several critical dates in the scheme’s implementation timeline. The special dividend record date is set for 29 July 2025, with a payment of $0.167 per share scheduled for 6 August. This dividend reduces the overall scheme consideration, which stands at $0.655 per share but is adjusted to $0.488 after accounting for the dividend. The scheme record date is 11 August, with the transfer of shares and payment of the scheme consideration occurring on 14 August. Finally, AVJennings will be officially delisted from the ASX and removed from SGX quotation on 15 August 2025.

Broader Implications for Shareholders and Market

The acquisition and subsequent delisting mark a transformative phase for AVJennings shareholders, who will receive a combined payout reflecting both the special dividend and scheme consideration. For the market, this transaction reduces the pool of publicly traded property development stocks, potentially impacting sector liquidity and investor options. The involvement of Proprium Capital Partners and AVID underscores continued private equity interest in Australian real estate assets.

Looking Ahead

While the timetable appears set, AVJennings has committed to updating the market on any changes. Investors and analysts will be watching closely for any shifts in the schedule or further details on the integration plans under new ownership. The next few weeks will be critical as the company transitions from public to private hands, closing a notable chapter in its corporate history.