APM close to delisting

APM Human Services International’s tumultuous three-year stint as a listed company is set to end this month after shareholders backed a $1.3 billion private equity takeover.

At meetings today, 91.8 per cent of shareholders and 99.9 per cent of shares were cast in favour of the takeover scheme.

It comes nearly three years after the company’s initial public offering briefly made its founder and executive chairman, Megan Wynne, a billionaire.

The takeover means APM and Ms Wynne will be able to operate out of the public limelight, as they had done successfully for 27 years before the ASX listing.

The takeover is priced at $1.45 per share.

That is a far cry from the $3.55 per share pricing of the IPO but also well above the stock’s low point of 68 cents per share early this year.

The buyout will be led by US-based Madison Dearborn Partners, which currently owns 29 per cent of the company.

Ms Wynne, who has a 34 per cent stake, and chief executive Mike Anghe, with a 2.4 per cent holding, will become shareholders in a special purpose Madison Dearbon company.

A total of 212 shareholders with 278 million shares elected to received scrip

Thirty shareholders with 107 million shares elected to receive a mix of cash and scrip.

Other shareholders will receive cash.

Lead independent director Nev Power told shareholders the reasons to vote in favour of the scheme significantly outweighed the reasons to vote against.

A report by independent expert Kroll Australia concluded the scheme was fair and reasonable after valuing APM shares at between $1.40 and $1.74 per share

The scheme is subject to final approval of the Supreme Court of NSW, with a hearing scheduled for September 25.

APM expects that trading in its shares will be suspended from the close of trading on that day.

The scheme is expected to be implemented on October 10.

Investment bank UBS and law firm Gilbert + Tobin advised on the scheme.