Whakatōhea Mussels (Ōpōtiki) Limited


Transaction Type: Company meeting (Allotment)

Allottee: Crown Regional Holdings Limited

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

Date of meeting: 24/06/2023


Whakatōhea Mussels (Ōpōtiki) Limited (Whakatōhea Mussels) proposed to undertake a capital riase of up to $11.4 million (the Proposed Capital Raise), comprising the issue of up to:

  • 5,066,666 new ordinary Whakatōhea Mussels shares, at $2.25 per share; and/or
  • 11,400,000 convertibles notes, with an issue price of $1 and a fixed conversion price of $2.40.

The Proposed Capital Raise gave preference to subscriptions for new ordinary shares but could be by any combination of convertible notes and new ordinary shares.

As part of the Proposed Capital Raise, Crown Regional Holdings Limited would be allotted up to 2 million new ordinary Whakatōhea Mussels shares (the Proposed Allotment).

  • The Proposed Allotment required shareholder approval under rule 7(d) of the Code.
  • On 24 June 2023, Whakatōhea Mussels shareholders voted in favour of the Proposed Allotment.

Simmons Corporate Finance Limited prepared the independent adviser’s report under rule 18 of the Code on the merits of the transaction.