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- Release Date: 01/05/14 15:07
- Summary: GENERAL: TRS: Extension of conditional date in respect of the acquisition
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TRS
01/05/2014 13:07
GENERAL
REL: 1307 HRS TRS Investments Limited
GENERAL: TRS: Extension of conditional date in respect of the acquisition
TRS INVESTMENTS LIMITED
1 May 2014
BY E-MAIL: [email protected]
NZX Limited
Wellington
Extension of conditional date in respect of the acquisition of Mega Limited
As previously announced:
1. TRS Investments Limited ("TRS") has entered into a conditional
agreement with the stakeholders of Mega Limited ("Mega") to acquire 100% of
the shares on issue in Mega.
2. The transaction is conditional upon TRS obtaining shareholder
approval to the acquisition and to the arrangements collateral to the
transaction ("Condition").
3. The date for the satisfaction of the Condition is 30 May 2014.
TRS and the stakeholders in Mega Limited have resolved to extend the date for
the satisfaction of the Condition to 30 June 2014.
The parties are pleased with the progress of the transaction to date, and it
is anticipated that a Notice of Special Meeting to approve the transaction,
together with a Profile document that complies with the NZSX Listing Rules,
and an Independent Advisor's Report that complies with the Takeovers Code,
will be circulated to the TRS shareholders during the course of June 2014.
The principal terms of the Mega transaction
In summary, the principal terms of the transaction to acquire Mega are as
follows:
- TRS will acquire 100% of the shares on issue in Mega for $210,000,000
which consideration will be satisfied by the issue of 700,000,000 new shares
in TRS to the existing shareholders of Mega at an issue price of 30 cents per
share.
- TRS will undertake a 148 to 1 consolidation of TRS' existing share
capital prior to the completion of the Mega acquisition. Following completion
of the acquisition, the existing shareholders of Mega will hold approximately
99% of the shares on issue in TRS.
- TRS will change its name to Mega following the completion of the
transaction.
For any inquiries please contact:
Keith Jackson:
Email: [email protected]
Mobile:+64 21 702 509
End CA:00250004 For:TRS Type:GENERAL Time:2014-05-01 13:07:04
