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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 29/09/2016
KTT Limited Partnership (“KTT”) was the largest shareholder in Tru-Test Corporation Limited (“Tru-Test”), holding 33.95% of Tru-Test’s shares on issue and 35.46% of the voting rights. Ashweir Limited (“Ashweir”) held 7.50% of Tru-Test’s shares on issue and 7.84% of the voting rights. On 29 August 2016, KTT and Ashweir entered into an agreement whereby Ashweir would be admitted to KTT as an additional limited partner and the Tru-Test shares held by Ashweir would be transferred to KTT.
At an annual shareholder meeting on 29 September 2016, Tru-Test sought shareholder approval for KTT to increase its holding of voting rights in Tru-Test from 35.46% to 43.30% as a result of the transfer of the shares held by Ashweir. The resolution passed with the support of 99.87% of voting shareholders.
Simmons Corporate Finance prepared a rule 18 independent adviser’s report on the merits of the acquisition.
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