Next Capital (Services A) Pty Limited, Next Capital (Services B) Pty Limited, Next Capital Services IVA Pty Limited, Next Capital Services IVC Pty Limited, Next Capital Services IVD2 Pty Limited cancelled the acquisition of Silver Chef Limited.
April 10, 2020
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Next Capital (Services A) Pty Limited, Next Capital (Services B) Pty Limited, Next Capital Services IVA Pty Limited, Next Capital Services IVC Pty Limited, Next Capital Services IVD2 Pty Limited made an non-binding indicative offer to acquire Silver Chef Limited (ASX:SIV) for AUD 39.3 million on April 11, 2019. Under the terms, Next Capital offered to pay AUD 1 per share the plus deferred consideration equal to 50% of any net capital released from run off of GoGetta that exceeds AUD 10 million to be shared amongst shareholders on a pro rata basis by way of scheme of arrangement. As on July 3, 2019, Silver Chef shareholders will be paid AUD 0.70 in cash and one contingent value note for for each Silver Chef share as a part of consideration. Next is in process of finalizing its financing for transaction. The transaction is subject to due diligence, regulatory approval, approval of offer by target shareholder and Silver Chef’s financiers providing necessary approvals for ongoing financing and waivers for a period of time that will allow to complete the acquisition of Silver Chef by a scheme of arrangement. As on July 3, 2019, the transaction has been approved by the Independent Directors. An independent board committee was established to consider the offer. Scheme Meetings will be held on September 6, 2019. The Board of Silver Chef (excluding Mr Allan English) has unanimously recommended that Silver Chef Shareholders vote in favour of the Scheme ,and each Independent Director intends to vote all of their Silver Chef shares in favour of the Scheme, in the absence of a superior proposal.
The transaction is expected to close on September 18, 2019. As of July 31, 2019, scheme implementation date is September 25, 2019. A break fee of AUD 1.18 million was payable to the buyer. Isaac West of Jones Day acted as legal advisor to Silver Chef Limited. Pricewaterhousecoopers Legal (Resources) Ltd acted as legal advisor to Next Capital in the transaction. Ernst & Young Transaction Advisory Services Co., Ltd. acted as fairness opinion provider to Silver Chef in the transaction.
Next Capital (Services A) Pty Limited, Next Capital (Services B) Pty Limited, Next Capital Services IVA Pty Limited, Next Capital Services IVC Pty Limited, Next Capital Services IVD2 Pty Limited cancelled the acquisition of Silver Chef Limited (ASX:SIV) on April 11, 2020.
SIV Capital Limited is an Australia-based company, which provides flexible equipment finance for hospitality businesses. The principal activities of the Company are renting and financing commercial equipment for businesses. The Company provides Compare Finance Products, Rent-Try-Buy, Rent-Try-Buy Calculator, Lease-to-Keep and Buy Back. The Company provides various equipment, including beverages, coffee machines and grinders, cooking, dishwashers and glasswashers, display cabinets, food preparation, refrigeration, stainless steel and furniture, and laundry. Its beverage equipment includes blenders, drink dispensers, granita/slushy machines, hot water urns, juice equipment, milkshake makers and other beverage equipment. Its coffee machines and grinders include coffee grinders, coffee roasters and other coffee equipment. Its cooking equipment includes Bratt Pans, Char Grills, Chicken Rotisseries, Combi Ovens, Contact Grills and others.
Next Capital (Services A) Pty Limited, Next Capital (Services B) Pty Limited, Next Capital Services IVA Pty Limited, Next Capital Services IVC Pty Limited, Next Capital Services IVD2 Pty Limited cancelled the acquisition of Silver Chef Limited.
SIV CAPITAL LIMITED 
