Transaction Type: Company meeting (Share buyback)
Acquirer: Mckenzie and Gibson Family shareholders
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 31/07/2017
Exemption: Rangatira Limited - Exemption Notice 2017
On 4 April 2017, the Panel received an application from the McKenzie Family and the Gibson Family in Rangatira Limited (Rangatira), for an exemption from rule 6(1) of the Code in respect of a proposed buyback of Rangatira shares.
Rangatira wished to carry out a buyback programme by offering to acquire from shareholders of Rangatira up to an aggregate of 600,000 A shares (which carry voting rights) and 600,000 B shares (which do not carry voting rights) (the Proposed Buyback).
The McKenzie and Gibson Family shareholders held or controlled more than 20% of the voting rights in Rangatira, and if they did not participate in the Proposed Buyback then their voting control would potentially increase and therefore breach rule 6 of the Code.
On 20 April 2017, the Panel granted an exemption from rule 6(1) of the Code in respect of any increase in voting control arising out of the Proposed Buyback of Rangatira shares, to the McKenzie and Gibson family shareholders.
On 31 July 2017, at the annual meeting, Rangatira shareholders approved the Proposed Buyback.
Simmons Corporate Finance prepared the independent adviser’s report in relation to the Proposed Buyback.