A Federal Court hearing has approved Macquarie Bank’s takeover of RG Capital Radio Ltd.

A shareholders’ meeting on the Gold Coast on Wednesday voted to go ahead with the scheme, with 90.75% voting in favour of the sale. The Federal Court approval was the last stage in the process.

Macquarie Bank’s subsidiary, Regional Media, will acquire the shares for $3 each, as foreshadowed by the ‘scheme of arrangement’ and Macqarie Bank will gain dividends by administering the company.

If it receives approval, cheques are expected to be in the hands of shareholders by the beginning of next month.

Reg Grundy, through his investment company, RG Capital International, held about 56% of all issued shares, while institutions and staff held the remaining share parcels.

After the meeting, Chairman Brian Bickmore paid tribute to the Board and management of RG Capital Radio in developing a very successful business.

“Many people underestimate the amount of time and effort involved from Board members when a process such as this occurs and I would like to thank them for their support and hard work.

“Equally, Rhys Holleran, Kym Gallagher and the rest of the management team and employees at the company deserve praise for the professional way they have dealt with this process, as well as their dedication to running the business and achieving excellence in radio.

“I also want to recognise the role of majority shareholder, Reg Grundy, in all phases of the company’s growth. Mr Grundy was instrumental in founding the company, funded it through its growth in the 1990s and has continued to support it through listing on the ASX and remains involved to this day.”

Additionally, Bickmore has noted the special contribution of former RG Capital Chairman, Tim Hughes: “Tim has been the driving force in growing RG Capital Radio from a small station to a truly national regional radio network. Without his hard work and vision, RG Capital Radio would not be the company that it is today.”