2 Cheap Cars Group Limited
Transaction Type: Company meeting (Acquisition)
Acquirer: David Sena and Tompkins Wake Trustees 2022 Limited (as trustees of the Sena Family Trust)
Independent Adviser(s): Simmons Corporate Finance Limited (Rule 18)
Date of meeting: 28/09/2023
David Sena and Tompkins Wake Trustees 2022 Limited (as trustees of the Sena Family Trust) (the Sena Trustees) and Eugene Williams and TLR Williams Trustee Company Limited (as trustees of the E & Co Trust) (the Williams Trustees) entered into a conditional agreement for the sale and purchase of ordinary shares in 2 Cheap Cars Group Limited (2 Cheap Cars). Under this agreement, the Sena Trustees would acquire all of the Williams Trustees’ ordinary shares in 2 Cheap Cars for $0.32 per share (the Proposed Transaction).
The Sena Trustees, together with its associates, collectively held 46.49% of the voting rights in 2 Cheap Cars, and the Williams Trustees held 30.03% of the voting rights in 2 Cheap Cars. Accordingly, the Proposed Transaction required shareholder approval under rule 7(c) of the Code.
On 28 September 2023, 2 Cheap Cars shareholders voted in favour of the Proposed Transaction.
Simmons Corporate Finance Limited prepared the independent adviser’s report under rule 18 of the Code on the merits of the transaction.