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Offeror(s): Forresters New Zealand Limited
Independent Adviser(s): Grant Samuel & Associates (Rule 18)
Company Meeting Date: 20/12/2001
Offer Type: Full
On 30 October 2001, Hellaby Holdings Limited ("HHL") announced that HHL had agreed to sell a 39% shareholding in New Zealand Wool Services International Limited ("NZWSL") to Forresters New Zealand Limited ("FNZL") at $0.37 a share, totalling $10.555 million.
The transaction would reduce HHL’s voting control in NZWSL to 20% and increase Mr Allan Hubbard’s voting control to 43%. Accordingly, NZWSL sought shareholder approval.
On 20 December 2001, NZWSL shareholders approved the sale of shares to FNZL.