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Offeror(s): SkyCity Investments Limited
Independent Adviser(s): Grant Samuel & Associates (Rule 18)
Company Meeting Date: 14/12/2001
On 29 October 2001, Force Corporation Limited (“Force”) announced a plan to raise $31 million through the issue of convertible notes to existing Force shareholders at a rate of one note for every five ordinary shares held. The notes were to be underwritten by SkyCity Investments Limited (“SkyCity”). SkyCity held or controlled 50.2% of the voting rights in Force. If no shareholders other than SkyCity took up their rights then SkyCity could potentially increase its voting control in Force to up to 95.4%. Accordingly, Force sought shareholder approval for the transaction.
On 27 November 2001, the Panel approved an exemption from rule 7(d) and 16 of the Code for SkyCity and for Force.
Force shareholders approved the transaction at a meeting on 14 December 2001.