Rangatira Annual Report 2025 - Flipbook - Page 76
Rangatira Investments
Disclosures under the Takeovers
Code – Exemption Notice 2024
At the 2024 AGM held on 2 August 2024, Rangatira A Class shareholders approved a share buyback programme,
allowing Rangatira to acquire up to 600,000 A Class shares and 600,000 B Class shares from shareholders
between 2 August 2024 and 2 August 2029 (Buyback), in accordance with the terms set out in the explanatory
notes accompanying the notice of meeting for the 2 August 2024 meeting.
The Takeovers Panel granted Rangatira an exemption from rule 6(1) of the Takeovers Code. This exemption
applies to the shareholders listed in the Appendix (Code Shareholders), allowing them to hold or control
an increased percentage of voting rights as a result of the Buyback. The following disclosures are made in
accordance with the Takeovers Code (Rangatira Limited) Exemption Notice 2024.
Disclosure requirements
Disclosure
a. A summary of the terms of the Buyback, as
approved at the 2024 AGM held on 2 August
2024.
Rangatira intends to make one or more offers (Offer)
to shareholders of Rangatira to acquire up to an
aggregate of:
•
•
600,000 A class shares in Rangatira; and
600,000 B class shares in Rangatira,
on the following terms:
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•
the consideration for each Share will be
determined by the board from time to time,
however, will not exceed 90% of the assessed
asset backing value of each Share, as set out in
the last public statement of that assessed asset
backing value made by Rangatira prior to the Offer;
•
the Offer(s) will be made between 2 August 2024
and 2 August 2029, however, Rangatira will not be
obliged to make Offers and may cease doing so at
any time.
•
Rangatira will pay the price for each share acquired
under the Buyback within five business days after
the date of each acquisition.
•
The shares acquired by Rangatira will be held as
treasury shares until the shares acquired equal
5% of the number of shares of the same class
previously in issue.
