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Offeror(s): New Image Trustee Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 21)
Offer Date: 01/02/2013
Offer Type: Full
Summary of transaction:
On 1 February 2013, New Image Trustee Limited (“NIT”) made a full takeover offer for all the voting securities in New Image Group (“New Image”).
The consideration offered was $0.26 per New Image share.
The offer was subject to, among other things, NIT receiving acceptances that would result in it holding or controlling 90% or more of the voting rights in New Image.
NIT gave notice on 6 May that it had become the dominant owner for the purposes of the Code. On 7 May, NIT sent its compulsory acquisition documents to compulsorily acquire the remaining New Image shares from the outstanding shareholders.
New Image was delisted from NZX on 22 May 2013.
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