By DANIEL RIORDAN
Another successful company is moving offshore, but this time with the full blessing of shareholders.
The emigre is Pacific Lithium, an Auckland-based company producing lithium carbonate used in about 25 per cent of the lithium ion batteries manufactured worldwide. The company estimates the markets for its final products, which include car and mobile batteries, to be worth more than $200 billion.
Last week, 300 of the company's 800 shareholders attended a special meeting and unanimously approved the plan to migrate by taking over US company Lithium Technology Corporation.
Pacific Lithium plans to raise $200 million from a US public offering in September or October and list soon after on the high-tech dominated Nasdaq exchange.
Chief operating officer Denis Fauteux, based in Philadelphia, said the company's research and manufacturing operations would stay in New Zealand.
Shareholders also approved the granting of one million options to company founder and chief executive Robin Johannink. The options, at a strike price of $8 a share, are exercisable only if the company's share price reaches $32 ($US16) within six months of listing and sustains that level for 30 days. The options expire, if not exercised, within two years of IPO.
Pacific Lithium shares, which are traded through the company, last changed hands at around $8.50.
Mr Johannink's option package was changed from that initially proposed after pre-meeting opposition from shareholder advocate Bruce Sheppard, a Pacific Lithium investor since the company was established in 1994. The Auckland accountant is better known for his opposition to Brierley Investments' attempts to grant options to BIL chairman Sir Selwyn Cushing. Pacific Lithium's original proposal allowed Mr Johannink to exercise his options when the shares hit $32.
Mr Sheppard said the change, along with an undertaking from Mr Johannink that he would not sell down the roughly three million shares he already owns post-issue, made the package more attractive to shareholders and ensured its adoption.
Chief financial officer Richard Locke said yesterday the company was also hoping to finalise two joint ventures within a month.
Battery firm charges offshore
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