Tru-Test Corporation Limited


Transaction Type: Company meeting (Allotment)

Allottee: KTT Limited Partnership

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

Date of meeting: 29/08/2014

Exemption: Tru-Test Corporation Limited - Exemption Notice (No. 2) 2014


Tru-Test Corporation Limited (Tru-Test) proposed to undertake an allotment of shares to KTT Limited Partnership (KTT) and a subsequent buyback offer to the Tru-Test shareholders (the Proposed Transactions).

As a result of the Proposed Transactions, KTT’s control of voting rights in Tru-Test was likely to increase from 21.72% up to a maximum of 39.63%. Accordingly, Tru-Test sought shareholder approval for any increase to KTT’s voting rights resulting from the Proposed Transactions.

The Panel granted the Takeovers Code (Tru-Test Corporation Limited) Exemption Notice (No. 2) 2014 to exempt Tru-Test from providing the required Code disclosures in its notice of meeting, being the maximum percentages and numbers, until after the Proposed Transactions were completed.

Shareholders approved all resolutions at the shareholders’ meeting held on 29 August 2014.

Simmons Corporate Finance prepared an independent adviser’s report for the purposes of rule 18 of the Code. 

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