Henderson manufacturer Matrix Composites & Engineering is one court hearing away from leaving the Australian Securities Exchange after shareholders backed its $90 million takeover by UK-headquartered Advanced Innergy Holdings.

Matrix said 99.8 per cent of votes cast supported the scheme, while 93.9 per cent of shareholders present and voting approved it.

Matrix chief executive Aaron Begley said the deal offered shareholders a “compelling opportunity” and had been strongly supported at Monday’s vote.

“AIH’s interest in Matrix reflects the strength of our people, capabilities and performance, and comes with an aim to grow the business,” Mr Begley said.

“Our Henderson facility and workforce are an important operational asset in that regard, and are expected to be a key contributor as AIH seeks to expand production capacity for both domestic and international supply of AIH’s and Matrix’s complementary product ranges.”

Under the proposed scheme, Advanced Innergy Solutions Australia, a wholly owned subsidiary of AIH, would acquire all Matrix shares.

The 40¢-a-share cash offer represented a 66.7 per cent premium to Matrix’s undisturbed closing price on March 30, the last trading day before the company announced it had received a non-binding indicative proposal.

Matrix shares had jumped more than 50 per cent to 36¢ after the approach was confirmed, hitting an 18-month high.

AIS had already secured call options over 19.9 per cent of Matrix, giving it the right to buy those shares at 40¢ if rival bidders came sniffing around.

The deal would be Advanced Innergy’s second acquisition since it listed on the ASX in October last year.

Founded in 1999 and listed in 2009, Matrix makes engineered products for the global oil and gas, defence and renewable energy sectors from its Henderson manufacturing facilities.

Advanced Innergy has said the acquisition is part of its plan to build a technical buoyancy and subsea equipment platform and expand its manufacturing footprint in the Asia-Pacific.

It is not the first time the buyer has courted Matrix.

In May last year, AIH proposed a reverse merger that would have left Matrix shareholders with about 20 per cent of the combined group. Matrix rejected the offer, saying it was not in shareholders’ best interests.

MinterEllison partner Matthew Hibbins, whose firm advised on the deal, said the latest transaction showed Advanced Innergy’s expansion strategy was continuing after its float.

The scheme still needs Federal Court approval at a second hearing scheduled for 10.15am on July 13.

If approved, it is expected to become effective on July 14, the final day Matrix shares would trade on the ASX.

Implementation is expected on July 23, subject to remaining conditions being satisfied or waived, with Matrix due to be removed from the ASX official list on July 24.