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Offeror(s): Reid Farmers Limited
Independent Adviser(s): KMPG Limited (Rule 18)
Company Meeting Date: 05/09/2001
On 16 July 2001, Reid Farmers Limited (“Reid”) and Pyne Corporation Limited (“Pyne Corp”) announced that an agreement had been reached regarding a merger between Reid and Pyne Corp’s subsidiary, Pyne Gould Guinness Limited (“PGG”).
The agreement provided that Reid would issue 44,010,006 shares to Pyne Corp in exchange for the acquisition of all the shares in PGG at a value of $1.10 per share.
On 5 September 2001, Reid shareholders approved the merger and the allotment. On 28 November 2001, the directors of Pyne Gould Guinness Reid Farmers agreed to change the company’s name to Pyne Gould Guinness Limited.