Rangatira Annual Report 2023 - Flipbook - Page 84
84
R anga tira Annua l Rep or t 2 0 2 3
Rangatira Limited (Rangatira)
Annual Report Disclosures under the
Takeovers Code (Rangatira Limited)
Exemption Notice 2022
Background
At a special meeting of Rangatira shareholders held on 6 December 2022, “A” class shareholders of Rangatira approved the acquisition
by Rangatira of up to an aggregate of 600,000 A shares and 600,000 B shares from shareholders during the period from 6 December
2022 to 6 December 2027 (Buyback), on the terms and conditions more fully explained in the explanatory notes accompanying the
notice of meeting for the 6 December 2023 meeting.
The Takeovers Panel granted to Rangatira an exemption from the Takeovers Code so that the Code Shareholders (listed in the
Appendix) are exempted from rule 6(1) of the Takeovers Code in respect of any increased percentage of voting rights held or
controlled by any of them as a result of the Buyback. The disclosures below are required by the Takeovers Code (Rangatira Limited)
Exemption Notice 2022 (Exemption Notice).
a
Disclosure requirements
Disclosure
A summary of the terms of the Buyback, as approved at
Rangatira intends to make one or more offers (Offer) to
the special meeting held on 6 December 2022.
shareholders of Rangatira to acquire up to an aggregate of:
•
600,000 A shares in Rangatira; and
•
600,000 B shares in Rangatira,
on the following terms:
•
the consideration for each Share will be determined by the
Board from time to time, however will not exceed 80% of
the assessed asset backing value of each Share as set out
in the last public statement of that assessed asset backing
value made by Rangatira prior to the Offer; and
•
the Offer(s) will be made between 6 December 2022 and 6
December 2027, however Rangatira will not be obliged to
make Offers and may cease doing so at any time.
Rangatira will pay the price for each share acquired under
the Buyback within five business days after the date of each
acquisition.
The Shares acquired by Rangatira will be held as treasury
shares until the Shares acquired equal 5% of the number of
shares of the same class previously in issue.