Cashed up shell company CSM has canned its plans for a rights issue as it faces a long wait for its takeover and reverse listing plans to take effect.
CSM last week outlined a plan to buy The Good Brand Co, a sales and marketing business and Me Today, both of which operate in the health and wellness sector and which are backed by Grant Baker and Stephen Sinclair, who founded vodka company 42 Below.
The parties said in a statement they were preparing the notice of meeting for CSM shareholders, together with a profile document, as is requirted under NZX rules.
CSM said it expected to send transaction documents out to shareholders in mid-February, with a vote on expected by mid-March 2020.
Subject to the appropriate approvals being obtained, the completion date for the Transaction is expected to be 1 April 2020, CSM said.