Shareholders of the defunct listed shell company Newcall Group have approved the takeover of the unlisted residential property investor Blue Chip NZ.
Newcall investors voted yesterday on the deal, under which their $250,000 IT company will take over a real estate entity which promotes investments in housingbut plans to become a full-service finance company.
Blue Chip has reported revenue of $23 million and pre-tax profit of $9 million in the year to March 31.
The new company will have 52,500,015 shares on issue.
On Thursday Newcall will change its name to Blue Chip New Zealand and its stock exchange ticker will change from NGL to BCN.
Blue Chip chief Nick Wevers said he was delighted with the outcome.
Newcall director and chief executive Jim Bracknell said shareholders had few options but to agree to the deal.
"Newcall shareholders have been through a frustrating time," Bracknell said of the shell company.
"We are delighted they have supported the acquisition and can now look forward to the company's future with confidence and enthusiasm."
John Walters will become chairman of the renamed Blue Chip, which will promote savings schemes, particularly aimed at retirement savings.
