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Offeror(s): RIFA Jair Company Limited
Independent Adviser(s): Grant Samuel (Rule 21)
Offer Date: 12/10/2017
Closing Date: 10/11/2017
Offer Type: Full
On 27 September 2017, RIFA Jair Company Limited (“RIFA”), a subsidiary of Zhejiang RIFA Group Co Limited (“Zhejiang”), gave notice of its intention to make a full takeover offer for Airwork Holdings Limited (“Airwork”), an NZX-listed company. Zhejiang is a Chinese company that operates a range of businesses across the high-tech manufacturing, general aviation, livestock, equestrian and financial investment sectors. This full offer followed on from RIFA’s partial offer for 75% of Airwork that completed in early 2017.
On 12 October 2017, RIFA despatched its takeover offer to acquire all of the fully paid ordinary shares on issue in Airwork that it did not already hold or control at the price of $5.20 per share.
On 2 November 2017, RIFA gave notice that the offer was unconditional, and that it had become the dominant owner of Airwork by virtue of becoming the holder or controller of 90% or more of the voting rights in Airwork.
On 3 November 2017, RIFA exercised its compulsory acquisition rights, and on completion of the compulsory acquisition, Airwork was delisted from NZX on 15 November 2017.
Grant Samuel prepared the rule 21 independent adviser’s report on the merits of the offer.