Salmat completes HPAL acquisition

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Salmat completes HPAL acquisition

Direct marketer Salmat Limited has completed the acquisition of HPAL Limited, an ASX-listed mail, data imaging and communication projects provider.

The two companies were granted the scheme arrangement by the Federal Court on October 18.

Under the scheme of arrangement between HPAL and Salmat, respective share registries of both companies were despatched on the 2 November.

According to the ASX announcement, Salmat is advised that the HPAL registry will remit cheques in respect of the cash consideration to shareholders who elected to receive cash in the proposed deal.

The 680 HPAL shareholders who elected to receive Salmat shares will receiev them shortly. These shares will continue to trade on the ASX today on a deferred settlement basis.

Salmat’s joint managing director, Philip Salter said he was pleased to be working actively on the HPAL integration.

“The co-operative manner in which the management teams of both HPAL and Salmat are approaching this process is very encouraging. This reinforces our view of the strong cultural and strategic fit of the two businesses and the benefits that we anticipate will accrue,” he said.
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