Sealegs Corporation Limited


Transaction Type: Company meeting (Share buyback)

Acquirer: Avenport Investment Corporation, Mark Broadley

Independent Adviser(s): Simmons Corporate Finance (Rule 18)

Date of meeting: 28/11/2011

Exemption: Class Exemptions


Sealegs Corporation Limited (Sealegs) proposed to buy back up to 5% of its shares in accordance with section 65 of the Companies Act 1993. Avenport Investment Corporation (Avenport) held or controlled 39.79% of the shares in Sealegs, and indicated it did not intend to participate in the buyback. Accordingly, any shares acquired under the buyback would result in Avenport increasing its control of voting rights in Sealegs.

Sealegs sought shareholder approval:

  • for Avenport to retain an increase in its control of voting rights due to the buyback in accordance with the Takeovers Code (Class Exemptions) Notice (No 2) 2001
  • to issue 1,500,000 options to Mark Broadley, who may be considered an associate of Aventport.

 The resolutions were approved at the meeting of shareholders on 28 November 2011.


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