Syft Technologies Limited
Transaction Type: Company meeting (Allotment)
Allottee: Ampersand 2020 Limited Partnership and Accident Compensation Corporation
Independent Adviser(s): Simmons Corporate Finance Limited (Rule 18)
Date of meeting: 26/08/2024
Syft Technologies Limited (Syft) proposed to issue up to 80,000,000 new shares to their two largest shareholders at $0.10 per share under a renounceable rights issue to raise up to $8,000,000 (the Proposed Allotment).
Ampersand 2020 Limited Partnership (Ampersand) proposed to subscribe for up to 50,000,000 shares. Accident Compensation Corporation (ACC) proposed to subscribe for up to 30,000,000 shares. Following the Proposed Allotments, Ampersand would increase its control of the voting rights in Syft from 24.57% to a maximum of 40.50%, and ACC would increase its control of the voting rights in Syft from 17.92% to a maximum of 26.15% (the maximum being the situation where Ampersand and ACC subscribed for the maximum amount, and no other shareholders took up any shares under the rights issue).
Accordingly, the Proposed Allotments required shareholder approval under rule 7(d) of the Code.
On 26 August 2024, Syft shareholders voted in favour of the Proposed Allotments.
Simmons Corporate Finance Limited prepared the independent adviser’s report under rule 18 of the Code on the merits of the transaction.
