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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 09/12/2015
Estaronline Limited (“Estar”) proposed a $1.2 million pro rata rights issue that would be underwritten by Stuart Nattrass and Elizabeth Nattrass, Peter Morrison and Pauri Trustee Limited (as trustees of the Kahu Trust). In addition to this, Mr Nattrass proposed to sell the shares he held in Estar to the trustees of the Kahu Trust.
The acquisition by the trustees of the Kahu Trust, together with the pro rata rights issue, could have potentially resulted in the trustees of the Kahu trust increasing their voting control from 0% to 30.56%, triggering rule 6 of the Code. Accordingly, Estar sought shareholder approval under rules 7(c) and 7(d) of the Code as exceptions to rule 6 of the Code.
At Estar’s special meeting of shareholders, held 9 December 2015, Estar’s shareholders approved the resolutions in respect of the proposed allotment and acquisition.
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