Wellington Drive Technologies Limited
Transaction Type: Company meeting (Allotment)
Allottee: SuperLife Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 16/06/2014
Wellington Drive Technologies Limited (WDT) proposed to raise approximately $5 million through the issue of mandatory convertible preference shares which would be underwritten by SuperLife Limited (SuperLife), a substantial shareholder in WDT.
The underwriting arrangements would result in SuperLife and its associates holding or controlling more than 20% of the voting rights in WDT. Accordingly, WDT sought shareholder approval for the purposes of rule 7(d) of the Code.
At a shareholders meeting on 16 June 2014, WDT shareholders approved resolutions in respect of any increase to SuperLife’s voting rights as a result of the underwriting arrangements.
The Panel approved Simmons Corporate Finance to prepare an independent adviser’s report for the purposes of rule 18 of the Code.
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
