Me Today Limited


Transaction Type: Company meeting (Acquisition)

Acquirer: MTL Securities Limited, Baker Investment Trust No 2, Sinclair Investment Trust and M&N Kerr Holdings Limited

Independent Adviser(s): Armillary Limited (Rule 18)

Date of meeting: 8/03/2024


Me Today Limited (Me Today) proposed to undertake a capital raise of up to $2,778,775 (the Proposed Capital Raise), which would also involve (amongst other things):

  • the reclassification of non-voting shares in Me Today held by MTL Securities Limited (MTL) into voting shares;
  • MTL making an in-specie distribution of all of the Me Today shares it held (including the reclassified non-voting shares) to the MTL shareholders; and
  • two MTL shareholders, Baker Investment Trust No 2 and Sinclair Investment Trust, potentially increasing their voting control in Me Today through:
    • underwriting the first $2 million of the Proposed Capital Raise; and
    • subscribing for a further $750,000 under the Proposed Capital Raise (the third MTL shareholder, M&N Kerr Holdings Limited, might also increase its voting control through this subscription).

(together, the Proposed Transaction)

The Proposed Transaction required shareholder approval under rule 7(c) and (d) of the Code.

On 8 March 2024, Me Today shareholders voted in favour of the Proposed Capital Raise and the Proposed Transaction.

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