Radius Properties Limited
Transaction Type: Scheme of arrangement
Offeror / Other Party: Montagu Investment Holding Limited
Independent Adviser(s): Simmons Corporate Finance
Date of meeting: 28/02/2017
Radius Properties Limited (Radius) was a Code company with 50 or more shareholders and 50 or more share parcels. Montagu Investment Holding Limited (Montagu) held or controlled 54.98% of the voting rights in Radius.
Radius proposed a scheme of arrangement, whereby Radius would undertake a compulsory buyback of all ordinary shares held by the minority shareholders. The scheme would result in Montagu increasing its control of the voting rights in Radius from 54.98% to 100% (the scheme).
The Panel issued a letter of intention for the purpose of the initial High Court orders in respect of the proposed scheme on 20 January 2017. The Panel considered that the standard of disclosure to all shareholders was equivalent to the standard required under the Code, and that the interest classes of shareholders were adequately identified.
On 28 February 2017, the resolution for approving the scheme of arrangement was approved by shareholders in accordance with the Code and with section 236A of the Companies Act 1993.
The Panel provided a final no-objection statement on 2 March 2017, and the scheme plan was approved by the Court on 16 March 2017.
Simmons Corporate Finance prepared an independent adviser’s report in respect of the proposed scheme.
We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz
