- Release Date: 31/07/13 18:01
- Summary: GENERAL: RAK: Rakon Announcement On Compliance With Takeovers Code
- Price Sensitive: No
- Download Document 2.96KB
RAK 31/07/2013 16:01 GENERAL REL: 1601 HRS Rakon Limited GENERAL: RAK: Rakon Announcement On Compliance With Takeovers Code 0.52% SHARE SALE BY MANAGING DIRECTOR, BRENT ROBINSON AND EXECUTIVE DIRECTOR, DARREN ROBINSON TO BE UNDERTAKEN FOR COMPLIANCE WITH TAKEOVERS CODE On 5 July Rakon had announced its plan to establish a strategic partnership with Zhejiang East Crystal Electronic Co. Ltd (ECEC). On 9, 11 and 16 July 2013 Brent Robinson (Managing Director) and Darren Robinson (Executive Director) each purchased 493,138 shares in the Company through NZX for consideration of $81,539 for each parcel. These purchases (the July Purchases), which represented, in aggregate, 0.52% of the Company's ordinary shares, were disclosed to the market in the prescribed forms on 15 and 23 July 2013. The July Purchases reflected the confidence Brent Robinson and Darren Robinson continue to have in the Company's current position and prospects, including in relation to the establishment of its strategic partnership with ECEC and were a signal to investors of their continued commitment to the Company. Brent and Darren Robinson's father, Mr Warren Robinson (the founder of Rakon and one of its non-executive directors) holds 13.05% of the Company's ordinary shares jointly with Trusts Limited. These shares are held on trust for the Ahuareka Trust, a trust associated with the Robinson Family. This shareholding, and those of Brent and Darren Robinson (except those acquired under the July Purchases), have been held by them since the company was listed in 2006. As a result of the association between Darren Robinson, Brent Robinson and Warren Robinson, the July Acquisitions constituted an inadvertent breach of the Takeovers Code, which, among other things, prohibits parties and their associates who together hold or control in excess of 20% of voting rights in a Code Company from increasing their holding or control except in compliance with the Takeovers Code, i.e., through a takeover offer or through an acquisition approved by shareholders. Accordingly, Brent Robinson and Darren Robinson have each given enforceable undertakings to the Takeovers Panel (i) to sell the shares they each acquired under the July Purchases within a seven week period; and (ii) not to vote that the percentage of shares that they each acquired under the July Purchases prior to such sales being completed. The sale of the 0.52% of the Company's shares by Brent Robinson and Darren Robinson is solely as a result of a legal requirement rather than any change in their views about the Company's position or prospects. In light of the above, the Board of Rakon intends to consider obtaining a shareholder approval pursuant to the Takeovers Code which, if given, would allow the Robinson family interests to purchase further shares in Rakon if they should choose to do in the future. For further information: Bryan Mogridge Chairman Rakon Limited (09) 571 9323 End CA:00239167 For:RAK Type:GENERAL Time:2013-07-31 16:01:41
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Last
65.0¢ |
Change
-0.010(1.52%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
64.0¢ | 65.0¢ | 64.0¢ | $42.56K | 66.43K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
0 | 50 | 65.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
70.0¢ | 12469 | 0 |
Last trade - 09.54am 04/10/2024 (20 minute delay) ? |
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