Tru-Test Corporation Limited
Transaction Type: Company meeting (Acquisition)
Acquirer: KTT Limited Partnership
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 29/09/2016
KTT Limited Partnership (KTT) was the largest shareholder in Tru-Test Corporation Limited (Tru-Test), holding 33.95% of Tru-Test’s shares on issue and 35.46% of the voting rights. Ashweir Limited (Ashweir) held 7.50% of Tru-Test’s shares on issue and 7.84% of the voting rights.
On 29 August 2016, KTT and Ashweir entered into an agreement whereby Ashweir would join KTT as an additional limited partner and the Tru-Test shares held by Ashweir would be transferred to KTT.
At an annual shareholder meeting on 29 September 2016, Tru-Test sought shareholder approval for KTT to increase its holding of voting rights in Tru-Test from 35.46% to 43.30% as a result of the transfer of the shares held by Ashweir. The resolution passed with the support of 99.87% of voting shareholders.
Simmons Corporate Finance prepared a rule 18 independent adviser’s report on the merits of the acquisition.
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