Transaction Update
TRS INVESTMENTS LTD
Correspondence: Registered Office:
PO Box 26448 Level 2
Epsom Tower Building
Auckland 1344 50 Customhouse Quay
Wellington
14 February 2018
TRS: Market Update on Transaction
TRS Investments Limited (NZX: TRS) recently announced a planned transaction
with Shenyang LIDA Agricultural Science and Technology Group Limited
(“LIDA”) of China that would combine LIDA with TRS in exchange for 75% new
shares in TRS to create an international group focused on horticultural
consumable, health and cosmetic products in China, Australia and New Zealand.
The planned transaction envisaged the use of the “Variable Interest Entity” (VIE)
structure commonly used to combine entities in China. Whilst widely used to list
Chinese companies on international markets, the VIE structure is unprecedented in
the listed environment in New Zealand. TRS therefore recently discussed the VIE
structure with the NZX to seek comment.
The NZX has today advised TRS that the NZX will not list a company with a VIE
structure on the New Zealand market.
TRS will now seek to find an alternative way to structure the transaction with
LIDA.
TRS will release further details on the transaction to the market as the transaction
progresses.
Joseph van Wijk
Director
Email: josephvanwijk@xtra.co.nz
Mob: 027 300 9291
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- TRA — Turners Automotive Group: DEALER LOYALTY SHARE SCHEME2018-03-29
“29 March 2018 Company Announcement DEALER LOYALTY SHARE SCHEME Turners Automotive Group is issuing shares as part of a dealer loyalty share scheme to reward its largest and most loyal referrers of finance and insurance customers. Both Oxford Finance…”
- TRU — TRUSCREEN GROUP LIMITED: SPH Notice – John Andrew Sorensen and Irena Zofia Sorensen2018-02-08
“Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 To NZX Limited and To Truscreen Limited Relevant event being disclosed: A movement of more than 1% in t…”
- TRU — TRUSCREEN GROUP LIMITED: ISSUE OF SECURITIES BY TRUSCREEN LIMITED (TRU)2018-02-23
“Company Announcement 23 February, 2018 TruScreen Share Placement ISSUE OF SECURITIES BY TRUSCREEN LIMITED (TRU) TruScreen Limited advises that it has issued new shares as follows: Class of Security: Ordinary Shares (TRU) Number issue…”