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ASX-listed India Equities shareholders sign-off on Brierley?s takeover bid
By Paul McBeth
Jan.6 (BusinessDesk) ? Shareholders in ASX-listed India Equities Fund have given the thumbs up to a deal that will give former Guinness Peat Group chairman Ron Brierley control of the company.
Investors holding some 11.1 million shares agreed at a special meeting in Sydney to issuing 103.8 million shares at 8 Australian cents apiece to Brierley?s Siblow investment vehicle, the company said in a statement to the ASX.
Brierley will pour his holdings of Copper Strike, Trinity Group, ING Community Living Group, Australian Pharmaceutical Industries and Trojan Equity as payment for the subscription, taking a 54 percent stake in the company.
The deal ?provides the company with an opportunity to expand its capital and to continue its investment strategy with the support of another committed substantial shareholder,? chairman Gabriel Radzyminski said in his opening address.
As part of the takeover, Brierley will join the board and assume the chair and the company will be renamed Mercantile Investment.
Brierley?s Siblow emerged as a substantial shareholder in India Equities in July, when he bought 5.05 percent of the cashed-up investment vehicle for A$293,714. That same month he lifted his stake to 14.8 percent.
India Equities shares were unchanged at 6.8 Australian cents in trading on the ASX today.
The investment comes after Brierley stepped down as chairman of GPG in the face of a shareholder revolt over plans to divide that investment company along regional lines.
More recently, Brierley has been building a stake in listed Wellington department store Kirkcaldie & Stains.
(BusinessDesk)
Source: http://www.findata.co.nz/News/14130480/India_Equities_shareholders_signoff_on_Brierley_takeover.htm
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