The scheme of arrangement between Diversified United Investment Limited (DUI) and Australian United Investment Company Limited (ASX: AUI) has now been implemented, with all remaining DUI shares transferred to AUI and the company progressing toward delisting from the ASX. The completion of this merger consolidates two investment vehicles and marks a significant milestone in the integration process between the two entities.
Eligible DUI shareholders have received approximately 0.47241 new AUI shares for each DUI share held on the scheme record date of 23 April 2026. This fixed exchange ratio was determined through the scheme approval process and represents the agreed consideration for DUI shareholders to transition into AUI. The calculation methodology allows for precision at the aggregate shareholder level rather than individual share level, meaning actual allocations may differ slightly from the announced figure when applied to individual holdings.
DUI shareholders classified as ineligible shareholders follow a different pathway, receiving their pro-rata share of net proceeds from the sale of their allocated AUI shares rather than shares themselves. This alternative treatment, managed by a designated sale agent according to the scheme booklet terms, ensures all DUI shareholders obtain value from the merger while accommodating those unable to hold AUI shares under relevant regulations or restrictions.
The implementation timeline reflects a structured transition already well underway. DUI trading was suspended at the close of trade on 21 April 2026, and the company has applied for termination of its ASX quotation effective from close of trade on 1 May 2026. This rapid progression from suspension to delisting is consistent with completed scheme implementations and reflects the regulatory approvals and share settlement processes already executed.
For AUI shareholders, this completion represents the culmination of a consolidation transaction previously approved by both company shareholders. The exchange ratio embedded in the scheme reflects valuations agreed upon by both boards and approved at shareholder meetings. AUI investors should monitor the combined entity’s financial reports and any management commentary on integration progress and strategic direction in the months following DUI’s delisting.
View the full ASX announcement (PDF)
About Australian United Investment Company Limited (ASX: AUI)
Australian United Investment Company Limited is a listed investment company that seeks to provide income and capital appreciation to shareholders through a portfolio of securities predominantly comprising shares of companies listed on the ASX. The company invests in the public equity markets of Australia across sectors including banks, financials, healthcare, consumers, infrastructure, transport, mining and energy. Founded in 1953 and based in Melbourne, Australia, it operates as a publicly owned investment manager.
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