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Offeror(s): Cullen Investments Limited
Independent Adviser(s): Ferrier Hodgson
Company Meeting Date: 31/10/2001
Offer Type: Full
On 28 September 2001, ElderCare New Zealand Limited (“ElderCare”) announced that it planned on raising $10m in new equity from investors and shareholders. Eldercare planned to raise $5m by an unsecured convertible note to Cullen Investments Limited (“Cullen”). Cullen could redeem the note for cash or convert the note into ordinary shares in ElderCare. Conversion would result in Cullen holding or controlling more than 20% of the voting rights in ElderCare. Accordingly ElderCare sought approval of shareholders.
Ferrier Hodgson was approved as independent advisers on 29 August 2001.
On 31 October 2001, ElderCare shareholders approved the issue of convertible notes to Cullen or its wholly owned subsidiary.