NAOS Emerging Opportunities Company Limited (ASX:NCC) has disclosed that its investee company, Big River Industries Limited (ASX:BRI), has announced a proposed scheme of arrangement under which CTL (Aust) Pty Ltd will acquire all Big River Industries shares not already held by it or its associates for cash consideration of $1.62 per share, subject to relevant approvals and conditions.

Key Points

  • Big River Industries (ASX:BRI) has announced a proposed scheme of arrangement with CTL (Aust) Pty Ltd at $1.62 per share in cash
  • The offer price of $1.62 per share compares to Big River Industries' last closing share price of $1.11 on 12 November 2026
  • NAOS Emerging Opportunities Company holds a material investment in Big River Industries
  • If implemented, the transaction is expected to have a positive impact on the value of NCC's investment in Big River Industries and the company's net tangible assets

Proposed Scheme of Arrangement Terms

According to the filing, Big River Industries Limited (ASX:BRI) announced on 13 November 2026 a proposed scheme of arrangement under which CTL (Aust) Pty Ltd will acquire all shares in Big River Industries not already held by it or its associates. The consideration offered is $1.62 per share in cash. The proposed transaction is subject to relevant approvals and conditions, as disclosed in the filing. Big River Industries' last closing share price was $1.11 on 12 November 2026, as stated in the company update.

NCC's Material Investment in Big River Industries

NAOS Emerging Opportunities Company Limited disclosed that it holds a material investment in Big River Industries. The filing states that if the proposed scheme of arrangement is implemented, the transaction is expected to have a positive impact on the value of the company's investment in Big River Industries. The filing further states the transaction, if implemented, is expected to have a positive impact on the company's net tangible assets. The company said it will provide a further update on its investment portfolio performance in due course.

Board-Authorised Investee Company Disclosure

The filing was authorised for release by the Board of NAOS Emerging Opportunities Company Limited and is dated 13 November 2026. The disclosure was made to ASX Market Announcements as an investee company update, informing the market of a material development relating to one of NCC's portfolio holdings. No further financial figures regarding NCC's specific holding size, cost base, or portfolio weighting in Big River Industries were disclosed in the filing. The company indicated a further portfolio performance update will follow.