공고 • Jul 26
MMA Offshore to Delist Effective July 26 Cyan Renewables announced the completion of the AUD-1.1-billion (USD 726m/EUR 670m) deal to acquire MMA Offshore Limited, an Australian provider of marine and subsea services to the offshore energy and wider maritime industries. MMA in a separate statement confirmed the finalisation of the go-private deal. It added that shares in the company were suspended on July 11 and will be formally delisted on Friday, July 26, 2024. 공고 • Jul 25
Cyan Renewables Pte. Ltd. completed the acquisition of MMA Offshore Limited (ASX:MRM). Cyan Renewables Pte. Ltd. entered into a binding Scheme Implementation Deed to acquire MMA Offshore Limited (ASX:MRM) for AUD 990 million on March 24, 2024. The shareholder of MMA will receive a cash amount of AUD 2.6 per MMA share. On June 20, 2024, Cyan increased the Scheme Consideration by 10 cents per share to a total of AUD 2.7 cash per share. The Directors of MMA unanimously recommend that MMA shareholders vote in favour of the Scheme. MMA will pay a break fee of AUD 10.26 million to Cyan, in addition to circumstances where Cyan may be required to pay MMA a reverse break fee of that same amount. The transaction is conditional upon approval by MMA shareholders at the upcoming Scheme meeting, approval of the Federal Court of Australia, approval of the Australian Foreign Investment Review Board, no Material Adverse Event and Prescribed Occurrences, the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of MMA shareholders and another customary condition regarding there being no restraining orders. The deal is expected to close on Mid-Late July 2024. As of May 27, 2024 MMA Directors unanimously recommend to vote in favor of the offer. As of July 8, 2024, the transaction has been approved by shareholders of MMA Offshore. As of July 10, 2024, the Federal Court of Australia has approved the transaction.
MMA Offshore Limited has engaged Rothschild Australia Limited as its financial adviser and Thomson Geer as its legal adviser. UBS Group AG (SWX:UBSG) is acting as financial adviser and Allens as legal adviser to Cyan Renewables Pte. Ltd. and Seraya Partners. Automic Pty Ltd. is acting as the registrar to MMA Offshore Limited. BDO Corporate Finance (WA) Pty Ltd acted as independent financial advisor to MMA Offshore Limited. Barrenjoey Capital Partners acted as financial advisor to MMA Offshore Limited, PWC acted as accountant to MMA Offshore Limited.
Cyan Renewables Pte. Ltd. completed the acquisition of MMA Offshore Limited (ASX:MRM) on July 25, 2024. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Non-Executive Director Sally Langer was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 공고 • Mar 27
Cyan Renewables Pte. Ltd. entered into a binding Scheme Implementation Deed to acquire MMA Offshore Limited (ASX:MRM) for AUD 990 million. Cyan Renewables Pte. Ltd. entered into a binding Scheme Implementation Deed to acquire MMA Offshore Limited (ASX:MRM) for AUD 990 million on March 24, 2024. The shareholder of MMA will receive a cash amount of AUD 2.6 per MMA share. The Directors of MMA unanimously recommend that MMA shareholders vote in favour of the Scheme. MMA will pay a break fee of AUD 10.26 million to Cyan, in addition to circumstances where Cyan may be required to pay MMA a reverse break fee of that same amount. The transaction is conditional upon approval by MMA shareholders at the upcoming Scheme meeting, approval of the Federal Court of Australia, approval of the Australian Foreign Investment Review Board, no Material Adverse Event and Prescribed Occurrences, the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of MMA shareholders and another customary condition regarding there being no restraining orders. The deal is expected to close on Mid-Late July 2024. MMA Offshore Limited has engaged Rothschild Australia Limited as its financial adviser and Thomson Geer as its legal adviser. UBS Group AG (SWX:UBSG) is acting as financial adviser and Allens as legal adviser to Cyan Renewables Pte. Ltd. and Seraya Partners. Automic Pty Ltd. is acting as the registrar to MMA Offshore Limited. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$2.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Energy Services industry globally. Total returns to shareholders of 686% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$3.76 per share. 
