Me Today Limited
Transaction Type: Company meeting (Allotment)
Allottee: Allottees: MTL Securities Limited and TW Jarvis (No. 1) Trust
Independent Adviser(s): Calibre Partners
Date of meeting: 2/03/2022
This transaction effected the allotment of shares in Me Today Limited (Me Today) to two major shareholders in the company. Specifically:
- MTL Securities Limited (MTL) subscribed for $3.75 million of new ordinary shares, representing 42,613,636 new ordinary shares at an issue price of $0.88 per share. This increased MTL’s control percentage from 31.43% to 34.16%.
- The trustees of the TW Jarvis (No. 1) Family Trust (the Jarvis Trust) subscribed for $2.25 million of new ordinary shares in Me Today, representing 25,568,182 new ordinary shares at an issue price of $0.88. This increased the Jarvis Trust’s control percentage from 16.09% to 17.97%.
In connection with the transaction, Me Today and the Jarvis Trust agreed to settle potential litigation that related to a separate matter. Settlement of the litigation was cross-conditional on both allotments occurring. Accordingly, settlement of the litigation depended on the MTL allotment, not just the Jarvis Trust allotment. Therefore, there was a risk that MTL and the Jarvis Trust were associates under rule 4(1)(a) of the Code. Me Today therefore sought shareholder approval for the transaction under rule 7(d) of the Code.
On 18 March 2022, Me Today shareholders voted in favour of the allotments to MTL and Jarvis Trust.
Simmons Corporate Finance prepared the independent adviser’s report under rule 18 of the Code on the merits of the transaction.
