The requisite majorities of MMA Offshore shareholders voted in favour of the proposed acquisition of 100% of the issued shares in MMA via scheme of arrangement by Cyan MMA Holdings Pty Limited, a wholly-owned subsidiary of Cyan Renewables.

In an announcement to the Australian Securities Exchange (ASX) on Monday, MMA said that the scheme was approved with 92.30% of the votes being in favour and 65.20% of shareholders present and voting were in favour of the scheme.

MMA will now submit the scheme for approval by the Federal Court of Australia at the hearing currently scheduled to occur on Wednesday, 10 July 2024 (Second Court Hearing). 

If the remaining conditions are satisfied, implementation of the scheme is expected to occur on or about Thursday, 25 July 2024.

Furthermore, the effective date and last date of trading of MMA shares on the ASX will be July 11, 2024, while the implementation date and date of payment of the scheme consideration is expected on July 25.

Earlier this year, MMA Offshore Limited entered into a scheme implementation deed (SID) with Cyan MMA Holdings Pty Limited for Cyan’s proposed acquisition of 100% of the shares in MMA via a scheme of arrangement between MMA and its shareholders.

Cyan is a subsidiary of Cyan Renewables, which is an offshore vessel portfolio company of Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.