Transaction Type: Scheme of arrangement
Independent Adviser(s): Northington Partners
Date of meeting: 9/09/2016
Trustpower Limited (Trustpower) proposed to separate into two New Zealand-incorporated listed companies by way of a court-approved scheme of arrangement under the Companies Act 1993. Under the terms of the demerger, Trustpower would be liquidated and each Trustpower shareholder would receive one share in each of the two newly created companies for each share they held in Trustpower.
The Panel granted Trustpower a no-objection statement to present to the court in respect of the proposed scheme of arrangement. On 9 September 2016, Trustpower shareholders voted to approve the demerger. On 19 October, final court orders approving the demerger were granted.
Northington Partners prepared an independent adviser’s report on the merits of the scheme of arrangement.