Chatham Rock Phosphate Limited


Transaction Type: Company meeting (Allotment)

Allottee: Subsea Investments II LLC

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

Date of meeting: 24/09/2012


Chatham Rock Phosphate Limited (CRP) and Subsea Investments II, LLC (Subsea) entered into an investment agreement where Subsea:

  • advanced $3.8 million to CRP under a convertible loan agreement
  • subscribed for shares in CRP
  • was granted options in CRP.

As converting the loan would likely increase Subsea’s voting control in CRP to more than 20%, CRP sought shareholder approval to convert the loan, in accordance with the Takeovers Code.

All resolutions were passed at a special meeting of shareholders on 24 September 2012. Subsea’s shareholding in CRP subsequently increased to 28.8%. 


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