QUBE Holdings Ltd Scheme Becomes Effective as $5.20 Buyout Nears Completion
Qube scheme becomes effective as $5.20 per share buyout nears completion
Qube Holdings Limited (ASX: QUB) has confirmed that the Supreme Court of New South Wales has approved the scheme of arrangement under which Rubik Australia Pty Limited (the Bidder) will acquire 100% of the shares in Qube. An office copy of the Court orders has been lodged with the Australian Securities and Investments Commission (ASIC), making the Scheme legally effective.
Under the transaction, eligible Qube shareholders are entitled to total cash consideration of $5.20 per Qube Share, less the Interim and Special Dividends. Trading in Qube shares on the ASX is expected to be suspended from the close of trading on 8 July 2026, with implementation of the Scheme scheduled for Friday, 14 August 2026.
The effective status locks in a fixed cash return for shareholders. With Court approval secured and a defined implementation timetable in place, the value realisation for Qube investors is now confirmed rather than conditional.
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Special Dividend declared: $0.3465 fully franked
The Qube Board has resolved to declare and pay a fully franked Special Dividend of $0.3465 cash per fully paid ordinary share. The Special Dividend Record Date is Tuesday, 14 July 2026, with payment scheduled for Thursday, 23 July 2026.
This sits alongside a separate, earlier distribution. Qube previously declared an Interim Dividend of $0.0535 per Qube Share on 20 February 2026, which forms part of the overall value returned to shareholders.
The two dividend components are:
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Special Dividend: $0.3465 per share (fully franked)
-
Interim Dividend: $0.0535 per share (declared 20 February 2026)
The fully franked status of the Special Dividend may carry additional franking credit value for eligible shareholders, on top of the cash amount received.
How the $5.20 consideration is structured
The scheme consideration operates on a net basis. Qube shareholders on the register as at the Scheme Record Date will receive $5.20 cash per Qube Share, less the amount of the Interim Dividend and the Special Dividend. In effect, the headline value is delivered through a combination of the dividends and the residual cash payment on implementation.
One exception applies. UniSuper will receive shares in Rubik Australia Holdings Pty Limited in respect of the UniSuper Specified Shares as Scheme Consideration, rather than cash. The Scheme Record Date for determining entitlements is 7.00pm (Sydney time), Friday, 24 July 2026.
| Event | Date |
|---|---|
| Special Dividend Record Date | Tuesday, 14 July 2026 |
| Special Dividend Payment Date | Thursday, 23 July 2026 |
| Scheme Record Date | Friday, 24 July 2026 |
| Scheme Implementation Date | Friday, 14 August 2026 |
All dates are indicative only. Any changes to the timetable will be announced through the ASX.
What a scheme of arrangement means for shareholders
A scheme of arrangement is a court-approved mechanism used to acquire 100% of a company. In this case, the Court approved the Scheme under section 411(4)(b) of the Corporations Act 2001 (Cth).
The combination of Court approval and lodgement of the orders with ASIC is what makes the deal binding and effective. Once these steps are complete, the transaction moves forward according to the set timetable, and individual shareholder consent is no longer required for implementation.
The Qube regulatory approvals required under the Scheme Implementation Deed, including FIRB foreign investment clearance, NZ OIO consent, and ACCC competition clearance, were all confirmed as satisfied before the Court hearing on 7 July 2026.
Ahead of implementation, trading in Qube shares is suspended. The practical consequence for shareholders is straightforward. There is no longer any need to sell shares on-market to realise value. Instead, eligible holders will receive the fixed cash consideration automatically on the Implementation Date.
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Investment takeaways ahead of 14 August implementation
For Qube shareholders, the transaction delivers a total headline value of $5.20 per share, realised through a combination of the cash scheme consideration plus the Special and Interim Dividends. The structure means the total value is split across dividend payments and the residual cash settled on implementation.
The defining feature at this stage is certainty. The Scheme is Court-approved, legally effective, and supported by a fixed implementation timetable. The remaining milestones are administrative steps rather than conditions that could alter the outcome.
Key next steps for shareholders are:
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Special Dividend paid — 23 July 2026
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Scheme Record Date determines entitlement — 24 July 2026
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Scheme implemented and cash paid — 14 August 2026
The announcement does not contain any attributed management commentary. The release was authorised as follows:
Authorisation
“Authorised for release by the Board of Directors, Qube Holdings Limited.”
Defined terms used in the announcement carry the meaning given in the Scheme Booklet released by Qube on 23 April 2026.
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