Transaction Type: Company meeting (Share buyback)
Acquirer: TECT Holdings Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 25/07/2014
Exemption: Class Exemptions
Trustpower Limited (Trustpower) was a listed Code company. Trustpower proposed to extend its buyback programme for a further 3 years.
TECT Holdings Limited (TECT) previously advised that, as a committed shareholder, it would be unlikely to participate in the share buyback. A consequence of TECT's non-participation in any buyback was that TECT's voting control would increase by a small margin. Trustpower sought approval from its shareholders to allow TECT to retain its increased voting rights under clause 4 of the Takeovers Code (Class Exemptions) Notice (No 2) 2001.