MMA Offshore Limited provides update on proposed acquisition

MMA Offshore Limited (ASX: $MMA) has announced that Cyan MMA Holdings Pty Limited, a wholly-owned subsidiary of Cyan Renewables Pte. Ltd., has received written confirmation from the Foreign Investment Review Board (FIRB) that the Australian Commonwealth Government has no objection to the proposed acquisition of 100% of the issued shares in MMA via scheme of arrangement. This satisfies the condition precedent in the Scheme Implementation Deed between MMA and Cyan, as announced to the ASX on 25 March 2024.

Executive commentary on the proposed acquisition

The Board of MMA Offshore Limited continues to unanimously recommend that Shareholders vote in favor of the Scheme at the Scheme Meeting, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Shareholders. Each MMA Director intends to vote, or cause to be voted, all MMA Shares he or she holds or controls in favor of the Scheme at the Scheme Meeting.

Summary of the proposed acquisition and outlook

MMA Offshore Limited has successfully satisfied the FIRB condition for the proposed acquisition by Cyan MMA Holdings Pty Limited. The Scheme Meeting to approve the Scheme is scheduled to be held on Monday, 8 July 2024. The Board recommends that Shareholders vote in favor of the Scheme, subject to certain conditions. The company remains committed to the proposed acquisition and looks forward to the outcome of the Scheme Meeting.