Waste management company WasteCo is set to list on the NZX. Photo / File
Waste management company WasteCo is set to list on the NZX. Photo / File
Waste management firm WasteCo Holdings is set to debut on the NZX tomorrow after a reverse listing through the listed shell company, Goodwood Capital.
At a special meeting today, Goodwood Capital sought and gained shareholder approval for the implementation of a capital restructure which had been negotiated and endorsed bythe board and announced to the market on April 26.
WasteCo, through its wholly owned subsidiaries, owns and operates a range of business activities associated with waste and refuse collection, recycling and disposal, street cleaning, and other industrial services in the South Island.
The company said its business operations were profitable and were experiencing year-on-year growth.
The restructure effectively values the equity of the WasteCo business at $25.2 million, plus an additional $4m to redeem the mandatory convertible notes recently issued by WasteCo.
The total $29.2m acquisition price will be satisfied by the issue of 504 million shares in the company to the vendors for the purchase price, and the issue of an additional 80 million shares in the company to redeem the mandatory convertible notes, with all such new shares having an issue price of $0.05 per share.
Following the restructure, the company will have equity of about $33.4m and cash of approximately $4m.
Goodwood was chaired by Sean Joyce, who has been associated with a number of reverse, or backdoor listings, in recent years.
The board of the new entity will comprise Shane Edmond, as chairman. WasteCo said Edmund had extensive experience in financial markets in New Zealand and the UK and was currently an executive director of Forsyth Barr.
Roger Gower is on the board as an independent director. Gower also serves on the Me Today board and is chairman of PrimePort Timaru Ltd.
Gower, a former chairman of the drinks firm Charlies, has experience in food and beverage and transport and logistics.
Angus Cooper will be an independent director. He is an existing director of Goodwood Capital and has 30 years experience in the public company arena, mostly with Ebos Group.
The remaining board members are founding shareholders, James Redmayne and Carl Storm.
