MyState members vote for shares

MyState Financial will demutualise with support from 84 per cent of members voting at a special meeting of the credit union in Hobart yesterday. MyState will merge with Tasmanian Perpetual Trustees, an ASX listed company, assuming shareholders in the latter agree at a special meeting today in Launceston.

PKF Corporate Advisory estimated the value of the merged entity at between $200 million and $211 million, which gives a theoretical value per MyState Limited share of between $2.97 and $3.14, or approximately $1129 to $1193 for a parcel of 380 MyState Limited shares.

Credit union demutualiations are rare in Australia. An effort by Connect Financial, a predecessor of MyState, failed narrowly in 2003.

Source: The Sheet