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Ann: GENERAL: VET: Vetilot Ltd (Vet) market update on share placement

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    • Release Date: 05/02/15 10:07
    • Summary: GENERAL: VET: Vetilot Ltd (Vet) market update on share placement
    • Price Sensitive: No
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    					VET
    05/02/2015 10:07
    GENERAL
    PRICE SENSITIVE
    REL: 1007 HRS Vetilot Limited
    
    GENERAL: VET: Vetilot Ltd   (Vet) market update on share placement
    
    VETILOT LIMITED
    PO Box 1314
    Shortland Street
    Auckland
    Ph +64 (09) 304 0145
    
    Vetilot Ltd   (Vet) market update on share placement.
    
    The Board advises that it is presently engaged in confidential discussions
    with a party who is a potential cash subscriber for a majority shareholding
    in Vetilot.
    
    The Board advises that:
    
    o It  has received a non-binding, confidential document which outlines the
    terms of the potential transaction;
    o It has not entered into any legally binding documentation in connection
    with the potential transaction at this stage;
    o The potential subscriber is presently undertaking confidential
    investigations with due diligence  on Vetilot;
    o As Vetilot has no staff, the process will be undertaken by its directors.
    The directors will not be paid any fees beyond director's fees.
    o It is also in confidential discussions with Vetilot's lenders regarding a
    potential restructure or forgiveness of the debt owed by Vetilot to those
    lenders;
    o It is proposing to seek to negotiate a legally binding subscription
    agreement which would result in the potential subscriber becoming the
    majority shareholder in Vetilot, in conjunction with a restructuring or
    forgiveness of the debt owed by Vetilot to its lenders.
    o If a legally binding subscription agreement is to be entered into the Board
    expects this would happen within the next week.  The Board would then be in a
    position to make a comprehensive disclosure to the market confirming the
    identity of the subscriber, the principal commercial terms of the
    transaction, the conditions precedent to the transaction proceeding, and the
    terms of any proposed restructure or forgiveness of the debt owed by Vetilot
    to its lenders.
    o Any transaction would be subject to shareholder approval, and compliance
    with the requirements of the NZAX Listing Rules, and the Takeovers Code,
    which would involve the circulation to Vetilot shareholders of a Notice of
    Special Meeting and an Independent Adviser's Report so that shareholders are
    fully informed, on an independent basis, regarding the commercial merits of
    the possible transaction.
    o Should a legally binding subscription agreement be entered into, the Board
    anticipates that an indicative timetable for the transaction would be as
    follows:-
           - Enter into a legally binding subscription agreement - 11 February
    2015;
           - The Board makes an announcement to the market with details about the
    transaction - 11 February 2015;
           - Completion of the preparation of a Notice of Meeting and the
    Independent Adviser's Report (including approval from the relevant
    regulators) - 4 March 2015;
           - Mailing of the Notice of Meeting and the Independent Adviser's
    Report to shareholders - 9 March 2015;
           - Holding of a special meeting of shareholders - 27 March 2015;
           - Completion of the restructure or forgiveness of the debt owed to
    Vetilot's lenders and the issue of shares - 31 March 2015.
    
    Until all details are resolved and the Independent Advisors report is
    received the Board is unable to make a recommendation to shareholders.
    
    Brent King
    Chairman
    4 February 2015
    
    For Further Information
    Please contact Mr Brent King
    [email protected]
    +64- 21- 632- 660
    End CA:00260344 For:VET    Type:GENERAL    Time:2015-02-05 10:07:05
    				
 
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