Odyssey was appointed by the largest shareholder of a listed property funds management business to sell the responsible entity and fund manager and to facilitate a change in control of the listed property fund
Odyssey had previously worked with the Directors of the fund and was engaged to locate a purchaser and to manage the sale process
Odyssey role
Odyssey managed the project and its role encompassed
- Initial discussions with potential acquirers
- Management of the flow of information
- Advice in dealing with the Fund’s ASX listing requirements
- Management of the due diligence process
- Negotiation with the bidder on a suitable offer structure
- Appointment of the legal advisor and management of the legal documentation
- Project management of the overall process through to completion
Odyssey value-add
The complexity of the transaction was around managing the change in control of a listed entity whilst ensuring the formal requirements for a takeover process (Chapter 6 – Corporations Law) were met
The transaction resulted in the sale of the responsible entity which was the manager of the fund and a part sale of the units in the listed fund to the buyer. It allowed Odyssey’s client to exit the majority of their investment and subsequently sell the remainder of their units over a short period of time. Communication with the regulatory authorities was an important part of the process and through careful management no issues became subject to contention
