Finzsoft Solutions Limited
Transaction Type: Takeover (Full)
Offeror: Silverlake HGH Limited
Independent Adviser(s): KordaMentha (Rule 21), Lonergan Edwards & Associates (Rule 22)
Offer commencement date: 26/02/2015
Offer closing date: 30/03/2015
On 18 December 2014, Holliday Group Holdings (ICT Investments) Limited, a company controlled by Andrew Holliday (Managing Director of Finzsoft Solutions Limited (Finzsoft)), entered into a lock-up agreement with Silverlake HGH Limited (Silverlake) to sell to Silverlake all its shares in Finzsoft, of which it owned 65.916%, if a full takeover offer were made and the consideration was not less than $3.00 per share. Mr Holliday was also a director and substantial shareholder of Silverlake.
On 26 February 2015, Silverlake made a full takeover offer for all the ordinary shares in Finzsoft.
The consideration offered per Finzsoft share was $3.00.
The offer was conditional on Silverlake receiving acceptances to the offer which would result in Silverlake holding or controlling at least 65% of the shares in Finzsoft.
The offer was declared unconditional on 2 March 2015.
The offer closed on 30 March 2015 with Silverlake receiving acceptances in respect of 87.892% of the shares in Finzsoft.