Hamworthy shareholders voted in favor of acquisition by Wartsila Corp.
At the court meeting, a majority in number of scheme shareholders who voted and who together represented over 75 percent by value of the votes cast, voted in favor of the resolution to approve the scheme
Helsinki, January 9, 2012 — Wartsila announced that, at meetings Hamworthy held in relation to Wartsila's recommended acquisition of Hamworthy by way of scheme of arrangement, all the resolutions proposed received support of scheme shareholders.
At the court meeting, a majority in number of scheme shareholders who voted (either in person or by proxy) and who together represented over 75 percent by value of the votes cast, voted in favor of the resolution to approve the scheme.
The resolution was accordingly passed. At the general meeting, the special resolution to approve certain matters necessary to implement the scheme were also passed by the requisite 75 percent majority.
The proposed acquisition has received clearance from German and Norwegian antitrust authorities and the relevant condition in the offer announcement has therefore been satisfied.
Completion of the acquisition remains subject to the satisfaction or waiver of the other conditions, including the court sanctioning the scheme and confirming the associated reduction of capital at court hearings that are expected to take place on January 26 and January 30, 2012 respectively.
Subject to the scheme and the associated reduction of capital receiving the sanction and confirmation of the court on those dates, the scheme is expected to become effective on January 31, 2012.