Salt Funds agrees to sell shares in MMH to consortium

Salt Funds Management agrees to sell shares in MMH to
consortium

Salt Funds Management has entered into a voting agreement with the
consortium proposing to acquire the minority shareholding in Marsden
Maritime Holdings.

Salt, which currently holds 1,440,856 shares (3.49%) of Marsden Maritime
Holdings (NZX: MMH) has committed to selling its shares to the consortium,
comprising Port of Tauranga Limited (NZX: POT), Northland Regional Council
and Tupu Tonu (Ngāpuhi Investment Fund). The proposal is to acquire all of the
MMH shares not already held by Northland Regional Council, via a Scheme of
Arrangement at $5.60 per share.

The Board of Marsden Maritime Holdings has unanimously recommended that
shareholders vote in favour of the offer, which is above the midpoint of an
Independent Appraiser’s valuation. Port of Auckland has already agreed to vote
the 19.9% of shares it holds in MMH in favour of the Scheme, on the terms of a
voting agreement dated 24 February 2025.

Shareholders will have the opportunity to vote on the proposal at a special
shareholders’ meeting on 29 May.

If the transaction proceeds, the consortium will form a new holding company to
acquire all of MMH’s shares by that holding company. Port of Tauranga will also
exchange its shareholding in Northport Limited (currently owned 50/50 by Port
of Tauranga and MMH) for additional shares in the holding company. Following
the transaction, Port of Tauranga will hold 50% of the holding company,
Northland Regional Council will hold a 43% stake and Tupu Tonu will hold a 7%
stake.

Shareholders can access all of the information related to the Scheme at the
Marsden Maritime Holdings website: https://marsdenmaritime.co.nz/investors-
area/scheme-2025/


For further details, please contact:
Geoff Senescall
021 481 234
Media Release
8 MAY 2025