Tru-Test Corporation Limited
Transaction Type: Company meeting (Acquisition)
Acquirer: KTT Limited Partnership
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 29/09/2016
KTT Limited Partnership (KTT) was the largest shareholder in Tru-Test Corporation Limited (Tru-Test), holding 33.95% of Tru-Test’s shares on issue and 35.46% of the voting rights. Ashweir Limited (Ashweir) held 7.50% of Tru-Test’s shares on issue and 7.84% of the voting rights.
On 29 August 2016, KTT and Ashweir entered into an agreement whereby Ashweir would join KTT as an additional limited partner and the Tru-Test shares held by Ashweir would be transferred to KTT.
At an annual shareholder meeting on 29 September 2016, Tru-Test sought shareholder approval for KTT to increase its holding of voting rights in Tru-Test from 35.46% to 43.30% as a result of the transfer of the shares held by Ashweir. The resolution passed with the support of 99.87% of voting shareholders.
Simmons Corporate Finance prepared a rule 18 independent adviser’s report on the merits of the acquisition.
We have not received consent to publish the transaction 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
