NZX-listed shell company NZF Group Ltd’s shareholders passed all 9 resolutions at a special meeting yesterday, called to implement a capital & organisational restructure which will see it formally become part of Taiwanese wholesale investor Chai Kaw Sing (Michael Chai)’s Blackwell Global Group.
The restructure is scheduled to be settled in the second week of July.
Under the proposal, NZF will change its name to Blackwell, Mr Chai & 2 local associates – real estate agency owner James Law & lawyer Ewe Leong Lim – will become directors, current director Mark Thornton will revert to his role as chief executive and the 2 directors who’ve worked on keeping NZF alive, chair Sean Joyce & lawyer Craig Alexander, will stay on as independent directors.
Mr Chai will invest $2.5 million (at 0.8 of a cent/share) to capitalise NZF and will pay the existing directors the fees they haven’t taken while they’ve been searching for a future for the company (about $75,000 each).
As Blackwell, NZF will launch a new finance company operation, acquire assets related to a derivative trading operation and launch a new derivatives trading operation.
It will raise new debt through the issue of up to $3 million of convertible notes and secure third-party debt finance through the issue of up to $6 million of secured bonds.
9 June 2017: Listed shell NZF calls meeting on future as Blackwell finance & derivatives business
Attribution: Company release.