Heartland Bank Limited


Transaction Type: Scheme of arrangement

Independent Adviser(s): Cameron Partners

Date of meeting: 19/09/2018


Heartland Bank Limited (HBL) proposed to undertake a Court-approved scheme of arrangement under Part 15 of the Companies Act 1993 to effect the demerger by HBL of its Australian subsidiaries from its New Zealand banking business.  Under the proposed restructure, HBL shareholders would exchange their shares in HBL for shares in Heartland Group Holdings, a new holding company, on a one-for-one basis.  As a result of the restructure, HBL would have a banking group supervised by the Reserve Bank of New Zealand, and a non-banking group which would pursue growth opportunities outside of the banking business.

The Panel granted HBL a no-objection statement to present to the Court in respect of the proposed scheme of arrangement. On 19 September 2018, HBL shareholders voted to approve the demerger. On 19 October 2018, final court orders approving the demerger were granted.

Cameron Partners prepared an independent adviser’s report on the merits of the proposed restructure.