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

Company Meeting Date: 28/11/2011

Transaction summary:

Sealegs Corporation Limited (“Sealegs”) proposed to buyback up to 5% of its shares in accordance with section 65 of the Companies Act 1993. Avenport Investment Corporation (“Avenport”) held or controlled 39.79% of the shares in Sealegs, and indicated it did not intend to participate in the buyback. Accordingly, any shares bought back under the buyback would result in Avenport increasing its control of voting rights in Sealegs.

Sealegs sought shareholder approval:

  • for Avenport to retain an increase in its control of voting rights due to the buyback in accordance with the Takeovers Code (Class Exemptions) Notice (No 2) 2001
  • to issue 1,500,000 options to Mark Broadley, who may be considered an associate of Aventport.

 The resolutions were approved at the meeting of shareholders on 28 November 2011.

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

Key Documents

Independent Adviser Report(s):