Engin delisted after Seven Group takeover

VoIP provider Engin has been de-listed from the ASX following an effective takeover by its majority shareholder.

Engin was removed from the official ASX list at close of business on Monday. The shares had been suspended from quotation since July 27.

Earlier in July, shareholders had approved a proposal from Seven Group Holdings subsidiary Network Investment to cancel all shares held by minority holders conversely for a $0.90 per share payoff.

At the time, Network Investment held a 57.3 per cent stake in Engin. The cash payment represented a 120 per cent premium to the market price of Engin shares immediately earlier the proposal was announced.

The same share cancellation for $0

Network Investment had late last year proposed to conduct the same share cancellation for $0.70 per share, nevertheless withdrew the lower offer in January.