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Notice
On 22 July 2025, Insignia Financial Ltd (ASX: IFL) announced that it entered into a Scheme Implementation Deed under which Daintree BidCo Pty Ltd, an entity established by CC Capital Partners LLC and its affiliates, agreed to acquire all the issued shares of IFL by way of a scheme of arrangement for cash consideration of $4.80 per share.
The scheme is still subject to shareholders and court approvals.
If approved, IFL shareholders will receive $4.80 for each IFL share held on the scheme record date. IFL will subsequently be delisted from the ASX.
The indicative timetable (from the ETO’s perspective) is:
IFL Scheme Meeting |
Monday, 13 April 2026 |
Court Hearing to approve the Scheme (Second Court Date) |
Thursday, 16 April 2026 |
Scheme Effective Date |
Friday, 17 April 2026 |
Last day of trading in IFL shares - |
Friday, 17 April 2026 |
Scheme Record Date |
Tuesday, 21 April 2026 |
Scheme of Arrangement Termination Implications for IFL ETOs
According to the terms of the scheme, IFL shares will cease trading after the scheme becomes effective. ASX has consulted ASXCL and has determined to terminate all IFL ETOs contracts by cash settlement at the intrinsic value with the IFL reference price to be ASX closing price for IFL on Friday, 17 April 2026.
Option positions held at the close of business on Friday, 17 April 2026 will be closed out and cash settled at the intrinsic value. Takers will be credited and writers debited. The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security and cash settled. ASXCL will settle these cash amounts on the next business day – Monday, 20 April 2026.
Exercise Restriction
An exercise restriction will be placed on IFL ETOs on the last day of trading on the ASX - Friday, 17 April 2026
Series Removal and Listing Restriction
Ahead of the corporate action ASX Clear may suspend or delete any existing series without open interest. ASX Clear may also restrict or suspend the listing of series with new maturities in IFL ETO’s.
What do I need to do by when?
Participants to be aware of the adjustment method ASX IFL ETOs contracts for the proposed Scheme of Arrangement.
Effective Date
A further ASX Notice will be released after the closing of trading on Friday, 17 April 2026 outlining the termination prices for IFL ETOs.
Need more information?
Issued by
Greg Fitzpatrick, Senior Manager, Clearing Operations