Energy Mad Limited
Transaction Type: Company meeting (Acquisition)
Acquirer: PaySauce Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 6/12/2018
In May 2017, Energy Mad Limited (Energy Mad or the Company) announced that it would undertake an orderly wind down of its business.
Energy Mad’s board of directors proposed to restructure the Company (which was effectively a shell company at this point) and to facilitate a backdoor listing of PaySauce Limited (PaySauce) through Energy Mad.
The proposed restructure involved Energy Mad:
- acquiring 100% of the shares in PaySauce for consideration of $10.0 million; and
- allotting 5,667,706,766 new fully paid ordinary shares as consideration for the PaySauce acquisition.
PaySauce would become the holder or controller of approximately 97% of Energy Mad following the proposed transaction. In accordance with rule 7(d) of the Code, shareholder approval was required to approve the proposed restructure.
On 6 December 2018, Energy Mad's shareholders approved the proposed restructure.
Simmons Corporate Finance prepared an independent adviser’s report on the merits of the proposed transaction in accordance with rule 18 of the Code.
