Announcement • Aug 20
Argyle Street Management Limited completed the acquisition of remaining 87.16% stake in Donaco International Limited (ASX:DNA) from Lee Bug Huy, Lee Bug Tong and others.
Argyle Street Management Limited entered into a binding Scheme Implementation Deed to acquire remaining 87.16% stake in Donaco International Limited (ASX:DNA) from Lee Bug Huy, Lee Bug Tong and others for AUD 48.5 million on March 16, 2025. A cash consideration valued at AUD 0.045 per share will be paid by Argyle Street Management Limited for 1,076,814,779 shares. Upon completion, Argyle Street Management Limited will own 100% stake in Donaco International Limited. In case of termination of transaction, Argyle Street Management Limited will pay a termination fee of AUD 0.50 million and seller will pay a termination fee of AUD 0.50 million. The transaction will be funded via internal resources of AUD 50 million.
The Scheme is subject to certain customary conditions precedent, including approval of Donaco shareholders and the Court. The deal has been unanimously approved by the board. The expected completion of the transaction is June 6, 2025. As of June 5, 2025, the completion is expected to take place on August 19, 2025.
As of June 20, 2025, The deal has been approved by Supreme Court of New South Wales. As of July 1, 2025, The Scheme Meeting is schedule to take place on August 4, 2025, if the requisite majorities of Donaco Shareholders vote in favour of the Scheme at the Scheme Meeting, and all other relevant conditions precedent to the Scheme are satisfied or waived (as applicable), Donaco will apply to the Court for orders approving the Scheme. Second Court approval of the Scheme is expected to be on August 7, 2025. For the Scheme to proceed and become effective, the Scheme Resolution must be passed by a majority in number, being more than 50%, of Shareholders present and voting at this meeting; and at least 75% of the total number of votes cast on the Scheme Resolution by Shareholders present and voting at this meeting. As on August 4, 2025, requisite majorities of Donaco shareholders today voted in favour of On Nut Road. The Scheme remains subject to the approval by the Supreme Court of New South Wales (Court) at a hearing scheduled for August 7, 2025. As on August 7, 2025, Donaco International Limited (Donaco or the Company) is pleased to announce that the Supreme Court of New South Wales (Court) has today made orders approving the proposed scheme of arrangement between Donaco and its shareholders. It is expected that Donaco shares will be suspended from trading on the ASX with effect from the close of trading today, August 8, 2025.
Murray Wheater of Ashurst Australia acted as legal advisor for Donaco International Limited. Hamilton Locke Pty Ltd acted as legal advisor for Argyle Street Management Limited. Boardroom Pty Limited acted as transfer agent/registrar for Donaco International Limited. BDO Corporate Finance Pty Ltd acted as fairness opinion provider to Donaco International Limited. BDO Audit Pty Ltd acted as accountant to Donaco International.
Argyle Street Management Limited completed the acquisition of remaining 87.16% stake in Donaco International Limited (ASX:DNA) from Lee Bug Huy, Lee Bug Tong and others on August 19, 2025. Donaco International Limited (‘DNA’) will be removed from the Official List at the close of trading on August 20, 2025.
