MMA Offshore scheme becomes legally effective

MMA Offshore Limited (ASX: $MMA) has announced that the Federal Court of Australia has approved the proposed scheme of arrangement between MMA and its shareholders. This scheme involves the acquisition of 100% of the issued shares in MMA by Cyan MMA Holdings Pty Limited, a wholly-owned subsidiary of Cyan Renewables Pte. Ltd. The scheme has now become legally effective, and MMA shares are expected to be suspended from trading on ASX from the close of trading on Thursday, 11 July 2024.

Executive Commentary on Scheme Becoming Effective

The scheme becoming legally effective marks a significant milestone for MMA Offshore. We believe that this acquisition by Cyan MMA Holdings Pty Limited, a subsidiary of Cyan Renewables Pte. Ltd., will provide new opportunities and resources to further strengthen MMA's position in the offshore industry. We are committed to ensuring a smooth transition for our shareholders and look forward to the future prospects that this acquisition will bring.

Summary of MMA Offshore Scheme Announcement

MMA Offshore Limited (ASX: $MMA) has successfully obtained approval from the Federal Court of Australia for the proposed scheme of arrangement, leading to the acquisition of 100% of its issued shares by Cyan MMA Holdings Pty Limited. The scheme has now become legally effective, and the trading of MMA shares on ASX is expected to be suspended. The company has provided an indicative timetable for the scheme and has assured shareholders that any changes will be promptly communicated. This acquisition is anticipated to bring new opportunities and resources to MMA Offshore, positioning the company for potential growth and development in the offshore industry.