E-cademy Holdings Limited
Transaction Type: Company meeting (Allotment)
Allottee: Beconwood Securities Pty Limited
Independent Adviser(s): PricewaterhouseCoopers (Rule 18)
Date of meeting: 5/12/2001
On 29 May 2001, E-cademy Holdings Limited (E-cademy) and Matrix IP PTY Limited (Matrix) signed a deal whereby E-cademy would issue shares and options to Matrix in exchange for Matrix providing or procuring a $200,000 loan. To fulfil their obligations, Matrix approached Melbourne based investor Beconwood Securities Pty Limited (Beconwood). In October 2001, E-cademy agreed to issue 280 million ordinary shares to Beconwood at a price of 0.09 cents per share for a total of $253,000 and representing 44.55% of voting rights in E-cademy after issue. Accordingly, E-cademy sought shareholder approval of the allotment.
On 5 December 2001, E-cademy shareholders approved the transaction.