Moelis to sell 8M Moelis Australia shares
Moelis & Company announced that the Firm will sell 8.0M Moelis Australia shares to MOE via a selective buyback at a price of Australian $3.40 per share. This selective buyback is subject to MOE shareholder approval, and an independent expert providing an opinion that the buyback is fair and reasonable to all MOE shareholders, at an EGM to be held in Australia in the coming months. Following implementation of the selective buyback, Moelis' share ownership in Moelis Australia will be 19.98%. There will be no change to the Moelis Australia board composition and the strategic alliance in Corporate Advisory services between Moelis and Moelis Australia remains unchanged. The buyback and sale price of Australian $3.40 per MOE share represents a 6.6% discount to the 30-day volume weighted average price for MOE shares up to and including September 2. The Share Sale and selective buyback transactions are expected to close in the Q3 and Q4, respectively.