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Independent Adviser(s): Simmons Corporate Finance
Company Meeting Date: 29/09/2017
On 23 June 2017, G3 announced that it had received a proposal from the Christian Family Trust (“CFT”), G3 Group Limited’s (“G3”) major shareholder, to delist from the NXT Market.
On 25 August 2017, the Panel received an application from Simmons Corporate Finance (“Simmons”) to prepare an independent adviser’s report for G3. G3 would seek shareholder approval for the following:
(a) to approve Wilshire LP, a limited partnership entity under the effective control of Evan Christian to acquire the significant shareholdings in G3 Group associated with founding shareholders, JBT Trustee Limited & JDB Trustee Services Limited, June Be Bono and CFT, and 100,000 shares beneficially owned by each of Evan Christian and Jason Butler;
(b) to approve the buy-back and cancellation of shares held by small shareholders;
(c) to approve the potential variation, buy-back and cancellation of the employee share plan shares;
(d) to delist from the NXT.
On 30 August 2017, the Panel approved Simmons to prepare a Rule 18 independent adviser’s report.
On 15 September 2017, G3 released its target company statement.
On 29 September 2017, at the Annual General Meeting, G3 shareholders approved all but one of the resolutions proposed, namely the resolution to approve the buy-back and cancellation of the employee share plan.
On 18 October 2017, G3 delisted from the NXT Market.