Dropsuite Limited (ASX:DSE) has received court approval to convene a Scheme Meeting for shareholders to vote on the proposed acquisition by NinjaOne Australia Pty Ltd. The Federal Court of Australia has ordered Dropsuite to proceed with the meeting and dispatch the Scheme Booklet, including the Notice of Scheme Meeting, to shareholders. The Scheme Booklet, expected to be released on April 2, 2025, contains an independent expert’s report by BDO Corporate Finance Australia, which deems the scheme fair, reasonable, and in the best interests of Dropsuite shareholders, in the absence of a superior proposal. The Independent Expert has assessed the value of a Dropsuite share on a controlling interest basis to be in the range of $3.92 to $5.88. The Scheme Consideration of $5.90 cash per Dropsuite share is above this range.
The Scheme Meeting will be held on May 9, 2025, in Melbourne and virtually via an online platform. Dropsuite directors unanimously recommend shareholders vote in favor of the Scheme, pending no superior proposal and the Independent Expert maintaining its positive assessment. Directors intend to vote their shares in favor of the Scheme, subject to the same qualifications.
