Infinity Group Limited
Transaction Type: Company meeting (Allotment)
Allottee: Active Equities Limited
Independent Adviser(s): PricewaterhouseCoopers (Rule 18)
Date of meeting: 3/12/2001
Infinity Group Limited (Infinity) wished to raise capital of $7 million through a renounceable pro-rata offer of up to $23.03 million new ordinary shares to its existing shareholders. The offer was underwritten by Active Equities Limited (AEL). AEL would be allotted up to 10,654,055 million ordinary shares at an issue price of $0.30 a share. AEL held or controlled approximately 35% of the voting rights in Infinity before the allotment and would increase its voting control up 50.35% as a result of the underwriting arrangements. Accordingly, Infinity sought shareholder approval for the transaction.
On 9 November 2001, the Panel granted an exemption from rule 7(d) and rule 16(b) of the Code in respect of the transaction.
Infinity shareholders approved the allotment at a meeting on 3 December 2001.