Whakatōhea Mussels (Ōpōtiki) Limited
Transaction Type: Company meeting (Allotment)
Allottee: Crown Regional Holdings Limited / Ngā Hapū Te Whakatōhea Trustee Limited
Independent Adviser(s): Simmons Corporate Finance Limited (Rule 18)
Date of meeting: 24/10/2024
Whakatōhea Mussels (Ōpōtiki) Limited (Whakatōhea Mussels) proposed to undertake a capital raise of up to $35,010,000, with a provision to accept oversubscriptions of $7,002,000 (the Proposed Capital Raise), comprising the issue of up to 18,672,000 new ordinary Whakatōhea Mussels shares at $2.25 per share.
Under the Proposed Capital Raise:
- Crown Regional Holdings Limited proposed to apply for a maximum allotment of 7,333,333 new ordinary Whakatōhea Mussels shares (to be scaled to ensure it would not increase its holding above 50%); and
- Ngā Hapū Te Whakatōhea Trustee Limited, the entity vested with the assets (including shares in Whakatōhea Mussels) of Whakatōhea Maori Trust Board, would potentially apply for up to 400,000 new ordinary Whakatōhea Mussels shares.
(together, the Proposed Allotments).
The Proposed Allotments required shareholder approval under rule 7(d) of the Code.
On 24 October 2024, Whakatōhea Mussels shareholders approved 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.
