Coca-Cola Amatil Limited – Treatment of CCL ETOs under proposed acquisition by Coca-Cola European Partners PLC (CCEP)

Market Participants and ASX Clear (ASXCL) Participants are advised that Coca-Cola Amatil Limited (ASX code: CCL) have announced a scheme Booklet regarding the proposed acquisition by Coca-Cola European Partners PLC.  The scheme is still subject to shareholders and court approvals.

If the scheme is approved and implemented, each independent CCL Shareholders will receive $13.50 cash for each CCL share they own as at the scheme record date, less the cash amount of the fully franked 2H 2020 Dividend, being $0.18 per CCL Share.

The indicative timetable (from the ETO’s perspective) is:

Termination Implications for CCL ETOs

According to the terms of the scheme, CCL shares will cease trading after the scheme becomes effective.  Shareholders will receive $13.32 per share (scheme consideration exclude 2H 2020 Dividend) if they continue to hold the shares until the schedule record date.  ASX has consulted ASXCL on the implications for CCL ETOs in relation to the scheme, will under the current policy, terminate all CCL ETOs contracts by cash settlement at intrinsic value following the last of trading using $13.32 (scheme consideration exclude 2H 2020 divided) as the reference price.

Option positions held at the close of business on Wednesday, 21 April 2021 will be closed out and cash settled at 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. ASXCL will settle these cash amounts on Thursday, 22 April 2021.

Listing Restriction

To mitigate the number of CCL ETOs contracts that require to be terminated, a listing restriction will be applied from Wednesday, 7 April 2021.

Exercise Restriction

Exercises will be restricted on the last day of trading of CCL shares on ASX, Wednesday 21 April 2021.

What do I need to do by when?

Participants should be aware of the content of this Notice as it sets out the treatment of the termination with respect to open positions in ASX CCL ETOs contracts.

Effective Date

A further ASX Notice will be released after the close of trading on Wednesday, 21 April 2021 setting out the table of termination prices.

Need more information?

Issued by

Cheng Zhang, Settlement Operations

Contact information

Cheng Zhang
1800 623 571
chesshelp@asx.com.au

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