The application concerned a pro-rata entitlement offer by Smoke Alarms to eligible shareholders (Offer) which the applicants in this matter argued would result in one or more of the underwriters to the offer obtaining control of the issuer.
The issues raised in the application considered the control effect of the Offer, and changes to the potential voting power of one of the underwriters of the Offer and its associates.
McTaggart Grant Lawyers were pleased to have acted for one of the underwriters of the Offer. As a result of changes to the Offer structure, the Offer was able to proceed, enabling the issuer to raise the required capital in a short period of time with the support of the underwriters.
To read the Takeover Panels’ reasons for the decision, please visit the full decision here.