General Capital Limited


Transaction Type: Company meeting (Allotment)

Allottee: Borneo Capital Limited and API 1 Limited Partnership

Independent Adviser(s): Simmons Corporate Finance Limited (Rule 18)

Date of meeting: 19/01/2023


General Capital Limited (General Capital) proposed to issue 150,917,479 new ordinary shares at an issue price of $0.0575 per share. The transaction was comprised of allotments of:

  • 86,956,522 new ordinary shares to API 1 Limited Partnership (API) (a limited partnership ultimately controlled by Ascentro Capital Partners Limited), which would result in API controlling 23.94% of the voting rights in General Capital; and
  • 63,960,957 new ordinary shares to Borneo Capital Limited (Borneo), which would increase Borneo’s control of voting rights in General Capital from 29.61% to 34.84%,

(together, the Proposed Allotments).

The Proposed Allotments required shareholder approval under rule 7(d) of the Code.

On 19 January 2023, General Capital shareholders voted in favour of the Proposed Allotments.

Simmons Corporate Finance Limited prepared the independent adviser’s report under rule 18 of the Code on the merits of the transaction.