Key Highlights

  • Crimson Australia extended its off-market takeover offer, which now closes at 7:00 pm Melbourne time on 4 November 2026 unless extended further.
  • The all-cash offer of A$0.75 per share is described by the bidder as unconditional, last and final, less any dividend deducted.
  • Following ASIC relief, payment to accepting shareholders is accelerated to within 10 Business Days, replacing earlier one-month and 21-day periods.
  • Crimson Australia and its associates held a relevant interest in 43,080,811 shares, or 82.07% voting power, on 22 October 2026.

Crimson Consulting Australia Pty Ltd, a wholly owned subsidiary of New Zealand-incorporated Crimson Consulting Limited, has extended its off-market takeover offer for Kip McGrath Education Centres Limited (ASX:KME) and shortened the time in which accepting shareholders are paid. The changes were set out in a fourth supplementary bidder's statement dated 23 October 2026, lodged with ASIC and sent to the ASX through the bidder's lawyers, KHQ Lawyers.

Offer Terms and Timing

Crimson Australia's offer is for all shares in Kip McGrath at A$0.75 cash per share, less the cash amount of any dividend for which the bidder is entitled to reduce the consideration. The bidder's statement is dated 30 July 2026, and the offer became unconditional on 12 October 2026, the date on which consideration was increased to A$0.75.

The offer period has been extended through a notice of variation under section 650D of the Corporations Act, replacing the previous closing date of 27 October 2026 with 7:00 pm (Melbourne time) on 4 November 2026. The bidder said the closing date applies unless it is extended again. Crimson Australia also confirmed that A$0.75 is its last and final offer price and that it will not increase the consideration further.

Accelerated Payment

Using relief granted under ASIC Instrument 26-0864 dated 22 October 2026, Crimson Australia varied sections 9.6(a) and 9.6(b) of its bidder's statement. References to one month and 21 days are replaced with 10 Business Days, and "earlier of" becomes "later of".

As a result, each accepting shareholder is to be paid within 10 Business Days after the later of the date their acceptance is received and 12 October 2026. The bidder said the variation applies equally to shareholders who have already accepted and those who accept later.

Why This Could Matter

The bidder said the extension gives shareholders who have not yet accepted the opportunity to do so, and the shorter payment period shortens the wait for cash after acceptance. Letters sent to shareholders also note that Kip McGrath's directors withdrew their earlier recommendation in a supplementary target's statement dated 12 October 2026 and now unanimously recommend acceptance without delay, in the absence of a superior proposal.

Holders of performance rights are not the subject of a separate offer. The bidder said that if rights vest and shares are issued during the offer period, those shares can be accepted into the offer before it closes.

Where Things Stand

The offer remains open until 4 November 2026, with payment due within 10 Business Days of acceptance. Acceptance is available by Acceptance Form, online through the Automic investor portal, or through a controlling participant for CHESS holdings.