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Offeror(s): Vector Limited
Independent Adviser(s): Northington Partners (Rule 18)
Company Meeting Date: 06/04/2010
NZ Windfarms Limited (“NZW”) intended to raise up to $31.4 million of additional capital through a 8 for 3 pro-rata renounceable rights issue to existing shareholders. If an underwriter could not be found for the rights issue, it was expected that some or all of the shortfall would be funded through the issue of additional shares to certain eligible shareholders at a subscription price of $0.15, including Vector Limited (“Vector”).
Prior to the rights issue, Vector held or controlled 19.99% of the voting rights in NZW. As a result of the rights issue and the issue of additional shares, Vector’s voting control of NZW would increase to up to 39.9%. As such, NZW was required to seek shareholder approval for the allotments to Vector.
At a special meeting of NZW shareholders held on 6 April 2010, shareholders approved the allotments to Vector. Northington Partners prepared a rule 18 independent adviser’s report on the merits of the allotments.