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

Company Meeting Date: 18/08/2011

Transaction summary:

Buller Electricity Limited (“Buller”) held 8.48% of Pulse’s ordinary shares. 

Pulse proposed a capital restructuring to consist of the following steps:

  • a portion of Pulse’s convertible notes then on issue would be converted into an interest free loan and the balance of the Convertible Notes would be converted into new ordinary shares;
  • Buller would provide a two-year guarantee for new credit facilities that Pulse had with Westpac bank.  In consideration for this guarantee, Pulse would issue new ordinary shares to Buller;
  • Buller would capitalise some of its existing loans to Pulse and receive new ordinary shares.

 (together, the “proposed transactions”).

It was likely that, as a result of the proposed transactions, Buller would hold or control between 65 and 75% of the shares in Pulse.

On 18 August 2011, the proposed transactions were approved at the annual meeting of shareholders.