Ensurance shareholders will vote in November on whether to accept a takeover offer from PSC Insurance Group, which is proposing to acquire the underwriting agency via a scheme of arrangement. 

The Supreme Court of Western Australia approved the dispatch of the scheme booklet to Ensurance shareholders and ordered that a meeting be convened virtually on November 2 to consider the offer. 

Melbourne-based PSC had announced in August it intends to acquire all of the shares in the underwriting agency via the scheme of arrangement under Part 5.1 of the Corporations Act 2001. 

Ensurance Chairman Tony Leibowitz had said at the time of the deal announcement that the acquisition by PSC will allow the business to continue to grow. 

The scheme of arrangement and follow-up proceedings to complete the deal are subject to Ensurance shareholder and court approvals. 

If Ensurance shareholders approve the scheme, the underwriting agency will apply to the court for approval of the scheme at the next hearing scheduled to occur on November 7. 

And if the court approves the scheme Ensurance proposes to lodge the orders of the court with the Australian Securities and Investment Commission November 8, with the scheme becoming legally effective on that date. 

PSC has already acquired the UK arm of Ensurance for $8.2 million this year. The broker expects to gain in excess of $1.5 million in annualised earnings before interest, tax, depreciation and amortisation in the first year following completion of the acquisition of Ensurance.   

The proposed deal to acquire Ensurance puts the purchase price at no less than $25.2 million.