Winton Land Limited


Transaction Type: Company meeting (Acquisition)

Acquirer: TC Akarua 2 Pty Limited

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

Date of meeting: 22/01/2024


Wanaka Partners, LLC (Wanaka) and TC Akarua 2 Pty Limited (as trustee of the TC Akarua Sub Trust) (Akarua) entered into a conditional agreement for the sale and purchase of ordinary shares in Winton Land Limited (Winton). Under this agreement, Akarua would acquire 14,830,687 of Wanaka’s ordinary shares in Winton for $2.50 per share (the Proposed Acquisition).

The Proposed Acquisition was to be completed in two tranches:

  • Tranche 1 – Unconditional acquisition of 7,839,521 Winton shares by Akarua, resulting in a holding of 19.99%. Tranche 1 settled on 2 December 2023.
  • Tranche 2 – Acquisition of 6,991,166 Winton shares by Akarua, resulting in a holding of 22.35% and therefore conditional on the approval of Winton shareholders by ordinary resolution pursuant to rule 7(c) of the Code.

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

On 22 January 2024, Winton shareholders voted in favour of the Proposed Acquisition.