Shares of Washington H. Soul Pattinson (ASX:SOL) and Brickworks (ASX:BKW) rose past 1% each, with Soul Pattinson hitting an all time high, in recent Wednesday trade after the parties said in a late Tuesday filing, that Topco, their proposed merged entity, has entered into a conditional forward share sale agreement with UBS Australia, referencing 14 million Topco shares.
In June, the companies executed a binding combination deed to create TopCo, via two separate and inter-conditional schemes of arrangement, subject to several conditions, including shareholder approvals.
The shares will be issued only if the proposed merger schemes are approved and implemented, the filing said.
Additionally, Soul Pattinson completed the reverse bookbuild process to repurchase about 97% AU$450 million of its senior unsecured convertible notes due 2030, a Wednesday filing showed.
About AU$218 million of the notes will be repurchased for AU$271 million, while the repurchase price of about AU$217 million worth of notes will be determined after shareholder approval, the filing said.
Jefferies acted as sole dealer manager for Soul Patts, the company said.
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