Sealegs Corporation Limited
Transaction Type: Company meeting (Allotment)
Allottee: Avenport Investment Corporation
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 1/08/2010
On 21 June 2010, Sealegs Corporation Limited (Sealegs) announced that it intended to raise $6.2 million of equity by allotting 31 million shares to existing shareholder, Avenport Investment Corporation (Avenport), at a subscription price of $0.20 per share.
Prior to the allotment, Avenport held or controlled 19.87% of the voting rights in Sealegs. As a result of the allotment, Avenport’s voting control would increase to 39.89%. As such, Sealegs was required to obtain shareholder approval for the allotment.
At an annual meeting of Sealegs shareholders on 1 August 2010, shareholders approved the allotment to Avenport.
Simmons Corporate Finance prepared a rule 18 independent adviser’s report on the merits of the allotment.