Bethunes Investments shareholders will vote next month on a deal to use its NZX listing as a vehicle for freight and logistics firm Transport Investments Ltd to go public while shifting its remaining assets into a new entity.
The company's 335 shareholders will meet in Auckland on Dec. 5 to consider the reverse listing which if approved will see them own 0.6 per cent of the transport group, which has an enterprise value of $200 million, and keep their relative stakes in a new holding company - New BIL - which will house Bethunes' existing investments valued at about $486,000.
Independent adviser Grant Samuel's report judged the deal's terms were "fair and reasonable to the shareholders of Bethunes not associated with TIL" and that "the proposed transaction is in the best interests of Bethunes given the options reasonably available to Bethunes at the current time."
"The board considers that completing the transactions will add value for Bethunes shareholders as it presents them with the opportunity to own a shareholding interest in the transport and logistics business of Transport Investments Limited following the acquisition of that business by Bethunes, while also retaining their interest in the business and assets of Bethunes via BIL 2016 Limited," chair Chris Swasbrook said in a statement.
"Accordingly, the board unanimously recommends that shareholders vote in favour of the resolutions in the notice of meeting."