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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 31/05/2012
Todd Energy Limited (“Todd Energy”) was one of two substantial shareholders in in King Country Energy Limited (“KCE”), holding 35.38% of the shares.
KCE proposed to acquire Todd Energy’s 50% share in the Mangahao Power Station for $70 million. The consideration for the proposed transaction was $33.76 million in cash and 7.63 million new KCE shares issued to Todd Energy at $4.75 per share.
The proposed transaction would result in Todd Energy increasing its control of the voting rights in KCE to 54.07%, requiring shareholder approval under rule 7(d) of the Code.
The transaction was approved at the meeting of shareholders on 31 May 2012.