Lignotech Developments Limited


Transaction Type: Company meeting (Allotment)

Allottee: KAAPA Investments LLC

Independent Adviser(s): PricewaterhouseCoopers (Rule 18)

Date of meeting: 28/04/2014


Lignotech Developments Limited (Lignotech) proposed to allot shares to KAAPA Investments LLC (KAAPA) to fund the construction of a United States based research and production facility as part of a capital raise. The allottees were several funds were established by KAAPA and were likely to be associated for the purposes of the Code.

A special meeting of shareholders was held on 28 April 2014. At the meeting, Lignotech shareholders were asked to approve any increase of the control of voting rights in Lignotech by the allottees up to a maximum of 32.1% .

PricewaterhouseCoopers prepared a rule 18 independent adviser’s report on the merits of the allotment of shares.