Federal Court Greenlights Daintree BidCo Acquisition of Insignia Financial

Insignia Financial Ltd. has received the necessary judicial approval from the Federal Court of Australia to proceed with its acquisition by Daintree BidCo Pty Ltd. The court's decision clears the way for the final stages of the scheme of arrangement. Daintree BidCo, an entity established by CC Capital Partners LLC and its affiliates, will acquire the shares of the financial services provider. The company expects to lodge the official court orders with the Australian Securities and Investments Commission (ASIC) on Friday, April 17, at which point the scheme becomes legally effective. Under the terms of the agreement, shareholders listed on the record date of April 21 at 5:00 pm Melbourne time will receive a cash payment of $4.80 per share. This offer represents a slight premium over the company's most recent closing price of AUD 4.7900 on the Australian Securities Exchange. Following the court's approval, Insignia Financial will request that the ASX suspend the quotation of its shares effective from the close of trading on Friday, April 17. The full implementation of the acquisition scheme is anticipated to be completed by April 28.