Transaction Type: Company meeting (Allotment)
Allottee: Milford Private Equity II LP
Independent Adviser(s): Campbell MacPherson (Rule 18)
Date of meeting: 15/09/2019
Coretex Limited (Coretex), certain of its shareholders and Milford Private Equity II LP (Milford) proposed to enter into a transaction (the Proposed Transaction) which involved:
- a liquidity event, whereby a number of Coretex shares would be sold by various sellers to various purchasers at an agreed price per share. Milford would be one of the purchasers; and
- Milford subscribing for new ordinary Coretex shares, at the same agreed price, in order to provide further working capital for Coretex.
As a result of the Proposed Transaction, the aggregate voting control in Coretex of Milford and its associate, TEA Custodians Limited, would exceed 20%.
Coretex sought approval from its non-associated shareholders for the Proposed Transaction under rules 7(c) and 7(d) of the Code. On 15 September 2019, Coretex shareholders approved the Proposed Transaction.
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