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Clean Seas Seafood Limited (ASX:CSS)

ALERT: Price-sensitive ASX Announcement for CSS
Current share price for CSS : $0.135 0 (0%)+
Announcement
Release
13 May 2025 8:59AM
Price at Release
$0.135
Full Release
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Summary
Clean Seas Seafood Limited (CSS) announced that the Supreme Court of South Australia has approved the convening of a Scheme Meeting, allowing shareholders to consider and vote on the proposed acquisition of all CSS shares by Australian Seafood Investments Pty Ltd (ASI), a subsidiary of major shareholder Founders Group Holdings Ltd. The approved Scheme Meeting will take place on 15 July 2024. The document details the Court’s orders, the background and rationale for the proposed acquisition, key terms and implications of the Scheme, and the process for shareholder participation and voting. It also provides information about the financial and operational assessment of CSS, the intentions of ASI, and the recommendations of the Independent Board Committee. Shareholders are encouraged to review the Scheme Booklet and participate in the decision-making process.
Key Points
  • The Supreme Court of South Australia has approved orders to convene a Scheme Meeting for Clean Seas Seafood Limited shareholders.
  • The proposed meeting is to consider the acquisition of all CSS shares by Australian Seafood Investments Pty Ltd (ASI), a Founders Group Holdings Ltd subsidiary.
  • The Scheme Meeting is scheduled for 15 July 2024.
  • The Scheme Booklet provides detailed information about the proposal, including background, rationale, and terms.
  • Shareholders will have the opportunity to vote on whether to approve the Scheme.
  • ASI’s intentions regarding the future operations of CSS are outlined in the documentation.
  • The Independent Board Committee has provided its recommendation to shareholders regarding the Scheme.
  • The document explains the process for voting, as well as implications for shareholders if the Scheme is implemented or not.
  • Court approval was a prerequisite for holding the Scheme Meeting.
  • Shareholders are strongly encouraged to read the Scheme Booklet and participate in the vote.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.