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The resolution to approve the scheme was approved by DMS shareholders at the scheme meeting in Brisbane and 99.96% of the votes cast in were in favour of the resolution and 98.81% of the DMS shareholders present at the meeting voted in favour of the resolution.
The second court hearing to approve the scheme is scheduled for December 16.
If the court approves the scheme, DMS proposes to lodge the court orders with the Australian Securities and Investments Commission so that the scheme becomes effective on December 23, at which point all DMS shares will be transferred to Mastermyne.
The $20 million deal also includes paying off DMS debt and restructuring costs through $10.3 million of cash from Mastermyne’s existing debt facilities.
