13 December 2016 By Mike Taylor
Wilson Asset Management International (WAMI) appears to have taken another step towards its proposed "restructure" of Century Australia Investments Limited.
The board of Century has announced to the Australian Securities Exchange (ASX) that it has now received a formal proposal from WAMI consistent with an announcement made to the market in late November.
It said that having reviewed the proposal, the Century board continues to recommend the offer subject to the views of the independent expert.
It said that it now proposed to engage Grant Thornton as the independent expert.
The ASX announcement said the board would work to convene an Extraordinary General Meeting of shareholders as close as possible to the timetable requested by WAM in their proposal letter.
Under the proposals outlined by WAMI, Century shareholders will be asked to approve the replacement of the current investment manager of Century, Perennial Value Management Limited, with Wilson Asset Management by entering into a new investment management agreement.