Shares of Platinum Asia Investments (ASX:PAI) fell in recent Monday trade after it said in a late Friday filing that the federal court of Australia had approved its scheme of arrangement with shareholders, which will see the company's shares exchanged for units in the Platinum Asia Fund Complex exchange-traded fund (ASX:PAXX).

The company's shares fell around 3% in recent Monday trade.

The scheme is expected to become legally effective once the court's orders are lodged with the Australian Securities and Investments Commission on Aug. 18, after which the company's shares will be suspended from trading at the close of that day, the filing said.

Under the scheme, Platinum Asia Fund Complex ETF units will be issued based on the company's post-tax net tangible assets adjusted for restructuring costs relative to its net asset value on Aug. 22, with a special dividend paid equal to retained earnings after restructuring costs, the filing added.