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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 16/06/2014
Summary of transaction:
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.
In March 2014, the Panel approved Simmons Corporate Finance to prepare an Independent Adviser’s Report for the purposes of rule 18 of the Code.
At a shareholders meeting held 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.
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