GFNZ Group Limited


Transaction Type: Company meeting (Allotment)

Allottee: Federal Pacific Group Limited

Independent Adviser(s): Armillary Private Capital (Rule 18)

Date of meeting: 6/11/2012


In February 2012, GFNZ Group Limited (Geneva) issued shares to Federal Pacific Group Limited (FedPac) at $0.0275 cents per share to raise $1.236m. At the same time, Geneva's directors announced that Geneva would make a pro-rata rights issue to shareholders which would enable all shareholders to acquire additional shares in Geneva at the same price as the shares were issued to FedPac. The rights issue would assist with funding Geneva’s business and repayment of its moratorium debenture stock.

FedPac offered to underwrite the rights issue. Accordingly, Geneva sought shareholder approval for any increase in FedPac’s voting control of Geneva resulting from the underwriting arrangements. If no shareholders participated in the rights issue, then, pursuant to the underwriting arrangements, FedPac’s voting control could increase to a maximum of 43.53%.

On 6 November 2012, Geneva shareholders approved any increase in FedPac's voting control resulting from the underwriting arrangements under the rights issue up to a maximum of 43.53%.

The Panel approved Armillary Limited, trading as Armillary Private Capital, to prepare the rule 18 independent adviser’s report in respect of the rights issue.



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