Eldercare New Zealand Limited
Transaction Type: Company meeting (Allotment)
Allottee: Cullen Investments Limited
Independent Adviser(s): Ferrier Hodgson
Date of meeting: 31/10/2001
On 28 September 2001, ElderCare New Zealand Limited (ElderCare) announced that it intended to raise $10m in new equity from investors and shareholders. Eldercare planned to raise $5m in an issue of unsecured convertible notes to Cullen Investments Limited (Cullen). Cullen could redeem the notes for cash or convert the notes into ordinary shares in ElderCare. The conversion would result in Cullen holding or controlling more than 20% of the voting rights in ElderCare. Accordingly ElderCare sought approval of shareholders under rule 7(d) of the Code.
Ferrier Hodgson was approved to prepare an independent adviser's report on 29 August 2001.
On 31 October 2001, ElderCare shareholders approved the issue of convertible notes to Cullen or its wholly owned subsidiary.