Accordant Group Limited
Transaction Type: Company meeting (Allotment)
Allottee: Simon Hull and David Cox as trustees of the S A Hull Family Trust No 2
Independent Adviser(s): Simmons Corporate Finance Limited (Rule 18)
Date of meeting: 16/04/2026
Accordant Group Limited (Accordant) was an NZX-listed Code company.
Accordant proposed to raise between $5 million and $6.7 million via an allotment structured as a 4:3 pro-rata renounceable rights issue priced at $0.15 per share (the Proposed Transaction).
Prior to the Proposed Transaction, Accordant's major shareholders, Simon Hull and David Cox as trustees of the S A Hull Family Trust No 2 (the Trustees), held or controlled 52.41% of Accordant's voting rights. When the Proposed Transaction was announced, it was unclear whether the Proposed Transaction would result in the Trustees increasing their control percentage (or doing so in excess of their creep allowance under rule 7(e) of the Code). This was because, until uptake of the rights was known, it was not possible to determine the Trustees’ final control percentage. It was, however, possible that the Trustees would increase their control percentage by more than that permitted under rule 7(e).
Accordant sought shareholder approval under rule 7(d) of the Code for the Trustees to increase their control percentage up to the theoretical maximum control percentage of 72.92%.
Simmons Corporate Finance Limited prepared the independent adviser's report under rule 18 of the Code on the merits of the Proposed Transaction.
On 16 April 2026, Accordant shareholders approved the Trustees’ potential increase in voting control under the Proposed Transaction in accordance with rule 7(d) of the Code.
On 11 May 2026, Accordant announced that, following completion of the Proposed Transaction, the Trustees’ voting control had increased to 64.9%.
