IT'S the end of an era as S&P Dow Jones announced yesterday that it will remove Australia's leading natural health company Blackmores Limited from the S&P/ASX200, subject to a final court appeal of the Scheme arrangements whereby the company will be acquired by Kirin Health Science Australia Pty Ltd, a wholly-owned subsidiary of Kirin Holdings Company, Limited (PD 27 Apr).
S&P Dow Jones Indices will remove Blackmores Limited effective prior to the opening of trading on Mon 24 Jul 2023.
Blackmores will be replaced by Ventia Services Group Limited in the S&P/ASX 200, also effective prior to trading opening on 24 Jul.
Further, an overwhelming majority (86.74%) of Blackmores' shareholders cast their votes in favour (96.85%) of the proposed Scheme Resolution.
Pleased at the outcome, Blackmores Chair Wendy Stops said, "the proposal from Kirin recognises the strong opportunity that lies ahead for Blackmores as part of Kirin's health science business across the world".
CEO and Managing Director Alastair Symington added, "today marks an important day in the history of the company with Blackmores' shareholders voting in favour of the Scheme...and...we look forward to seizing on the significant opportunity that lies ahead for our employees, or customers, our suppliers and all stakeholders, as well as the value we create for people and communities we serve towards achieving better health outcomes".
The Scheme remains subject to the approval of the Court at the hearing scheduled for tomorrow morning.
The above article was sent to subscribers in Pharmacy Daily's issue from 19 Jul 23
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