MMH shareholders approve scheme, $5.60 per share payout

Marsden Maritime Holdings (NZX:MMH) shareholders have voted in favor of a scheme of arrangement under which a consortium, including Northland Regional Council, Port of Tauranga Limited, and Ngāpuhi Investment Fund Limited, will acquire all fully paid ordinary MMH shares (excluding those already held by Northland Regional Council). Each voting interest class supported the scheme by over 75%, and more than 50% of shares voted were in favor. If all conditions are met, shareholders will receive NZD 5.60 per share in cash, a 73% premium to the NZD 3.24 share price before the announcement. The High Court will hear an application for final orders on June 11, 2025, and MMH shares will be suspended from trading three days thereafter. Implementation is expected around June 26, 2025, after which MMH will be delisted.