Cyan Renewables Pte. Ltd. entered into a binding Scheme Implementation Deed to acquire MMA Offshore Limited (ASX:MRM) for AUD 990 million on March 24, 2024. The shareholder of MMA will receive a cash amount of AUD 2.6 per MMA share.

The Directors of MMA unanimously recommend that MMA shareholders vote in favour of the Scheme. MMA will pay a break fee of AUD 10.26 million to Cyan, in addition to circumstances where Cyan may be required to pay MMA a reverse break fee of that same amount. The transaction is conditional upon approval by MMA shareholders at the upcoming Scheme meeting, approval of the Federal Court of Australia, approval of the Australian Foreign Investment Review Board, no Material Adverse Event and Prescribed Occurrences, the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of MMA shareholders and another customary condition regarding there being no restraining orders.

The deal is expected to close on Mid-Late July 2024. MMA Offshore Limited has engaged Rothschild Australia Limited as its financial adviser and Thomson Geer as its legal adviser. UBS Group AG (SWX:UBSG) is acting as financial adviser and Allens as legal adviser to Cyan Renewables Pte.

Ltd. and Seraya Partners. Automic Pty Ltd. is acting as the registrar to MMA Offshore Limited.