Independent Adviser(s): Simmons Corporate Finance (Rule 18)

Company Meeting Date: 24/09/2012

Transaction summary:

Chatham Rock Phosphate Limited (“CRP”) and Subsea Investments II, LLC (“Subsea”) entered into an investment agreement where Subsea:

  • advanced $3.8 million to CRP under a convertible loan agreement
  • subscribed for shares in CRP
  • was granted options in CRP.

As converting the loan would likely increase Subsea’s voting control in CRP to more than 20%, CRP sought shareholder approval to convert the loan, in accordance with the Takeovers Code.

All resolutions were passed at a special meeting of shareholders on 24 September 2012. Subsea’s shareholding in CRP subsequently increased to 28.8%. 

We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz