Contango Asset Management Limited (ASX:CGA) entered into a share sale agreement to acquire remaining 53.75% stake in Switzer Asset Management Limited from Switzer Group and Tao Te for AUD 3.2 million on March 21, 2018. Contango Asset Management Limited will issue 7.17 million shares as consideration representing 15% of the capital of Contango Asset Management Limited after the transaction, out of which Switzer Group shall receive 6.17 million shares and Tao Te shall receive 1 million shares. Prior to the transaction, Contango Asset Management Limited and Switzer Group held 46.25% stake each and Tao Te held 7.5% stake in Switzer Asset Management Limited. After the transaction, Contango Asset Management Limited will hold 100% stake in Switzer Asset Management Limited. After completion of the transaction, Peter Switzer will remain as Chairman of the Investment Committee of Switzer Asset Management Limited and Paul Rickard will also continue as a member of Switzer Asset Management Limited’s Investment Committee. The transaction is subject to approval of shareholders of Contango Asset Management Limited. Contango Asset Management Limited expects to call an extraordinary general meeting of its members in May 2018 to approve the transaction. As of August 14, 2018, Contango Asset Management Limited issue notice to its shareholders for extraordinary general meeting to be held on September 12, 2018. The independent expert has the opinion that transaction is fair and reasonable. Accordingly, Board of Directors of Contango Asset Management Limited recommended the shareholders to vote in favor of the transaction. Transaction was approved by shareholders of Contango Asset Management Limited on September 12, 2018. As of June 14, 2018, completion is expected to take place in new financial year. Lonergan Edwards & Associates Limited acted as independent expert to Contango Asset Management Limited.