Simon and Paula Herbert’s Empire Capital wants 50.01% of NZX-listed Vital

Paula and Simon Herbert with their super yacht H at Cannes Film Festival.

Simon and Paula Herbert’s Empire Capital wants to take control of NZX-listed fibre business Vital, formerly TeamTalk, by buying just over half the shares.

In a surprise move by the couple who hold positions in the marina and data centre markets, the Aucklanders have announced they want to buy 50.1% of the tech company.

Empire Capital Trust said it had approached Vital earlier this week to advise that an affiliated entity intended to make a partial takeover offer for 50.01% at 37c a share.

“Empire believes the offer would be a compelling opportunity for shareholders to realise significant value for their investment in Vital, with the offer price,” Empire said in a statement.

The price would be 34% above its last trading price and 55% above the annual price.

The proposed offer will be conditional on acceptances being received, so controlling 50.01% of the voting rights in Vital.

Empire said it chose not to make a full takeover offer because it believed there were benefits from Vital maintaining its current NZX main board stock exchange listing.

“By remaining a public company, Vital will have access to capital to fund future growth while also providing existing shareholders an opportunity to continue participating in the business over the long term,” Empire said today.

Vital has gone into a trading halt this morning after receiving the offer.

“Vital has received an unsolicited non-binding indicative offer indicating an intention to make a partial takeover for 50.01% of the company.”

The company said it would review the offer details in conjunction with an adviser and make a formal announcement to shareholders.

“The trading halt is requested until the earlier of Vital’s announcement or market open on Friday, August 16.”

Vital has no relationship to Vital Healthcare, also listed on the NZX.