Think publishes scheme booklet for reorganisation and appoints director to TND board
In the wake of the Australian Federal Court approving a meeting of shareholders to consider and vote on the proposed scheme of arrangement to create a new stapled structure involving Think Childcare (TNK) and a new entity Think Childcare Development (TND), Think have published the scheme booklet for shareholders.
The booklet, which is sometimes referred to as an explanatory memorandum, provides information to shareholders about the proposal to staple the securities of the two entities and provides guidance as to the process shareholders should follow when voting.
Think announced their intention to proceed with a new structure after their largest incubator, Edhod, running into difficulties with their creditors and ultimately being taken into receivership.
Although Think has since managed to secure 11 centres from Edhod, the Group intends to proceed with their new structure to ensure better control and transparency exists with regards to developing and incubating sites going forward.
The timetable for shareholders to consider and vote is as follows:
Deadline for proxy form delivery to Think Share Registry – 10:30am 3 December 2019
Deadline for determining eligibility to vote – 7:00pm 3 December 2019
Scheme meeting – 10:30am 5 December 2019
General meeting – 10:30am 5 December 2019
The meeting will be held at Minter Ellison, Level 23, 525 Collins Street, Melbourne, Victoria.
Michael Doble appointed as non executive director of Think Childcare Development
In a separate announcement, Think also confirmed that, effective 14 October 2019,
Michael Doble joined Mark Kerr, Mathew Edwards and Joe Dicks on the Board of the new development company
Mr Doble has extensive experience in the property development space having started his career as a valuer at Knight Frank before moving into fund management with ANZ Funds Management and more recently APN Fund Management where he was Chief Executive Officer of real estate securities followed by Chief Investment Officer.
Mr Doble has experience in investing in early childhood education and care centres as well as working with entities that utilise a stapled structure.
To read more about the scheme booklet and board announcement please click here.