New Zealand King Salmon Shareholder CR Assets to Sell Nearly 10% Stake to Oregon Group, PHT

MT Newswires Live10-01

New Zealand King Salmon Investments (ASX:NZK, NZE:NZK) said shareholder China Resources Asset Management (CR Assets) agreed to sell 53.1 million shares, or 9.87% of the company, to Oregon Group and the Porus Holdings Trust (PHT) at NZ$0.225 apiece, with each acquiring half, according to a Thursday filing with the New Zealand and Australian bourses.

Under a separate voting deed, Oregon would control the voting rights attached to PHT's 6.19% stake, bringing its total voting control in the company to 50.68% for accounting consolidation purposes, per the filing.

The transaction is subject to shareholder approval, a Takeovers Panel exemption, and consent from the overseas investment office, the filing said.

A shareholder meeting will be held in due course, with relevant parties excluded from voting, while Oregon will cover the company's reasonable external costs associated with the meeting, the filing added.

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