ACC agrees to sell shares in MMH to consortium
ACC agrees to sell shares in MMH to consortium
The Accident Compensation Corporation (ACC) has entered into a voting
agreement with the consortium proposing to acquire the minority
shareholding in Marsden Maritime Holdings.
ACC, which currently holds 1,091,622 shares (2.64%) 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 (19.90% of
shares), Salt Funds Management (3.49%) and M A Janssen Limited (1.04%)
have already agreed to vote in favour of the Scheme.
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 information, please contact:
Geoff Senescall
021 481 234
Media Release
22 MAY 2025
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.
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