Hellaby to buy TBS Group for $45M plus earnouts after gaining related party waiver

Thu, 23 Jun 2016

By Edwin Mitson June 23 (BusinessDesk) - Hellaby Holdings is to buy maintenance and engineering contractor TBS Group for $45 million plus $6 million of earn-outs in a deal that needed an NZX waiver because of links between TBS's biggest shareholder and Hellaby managing director Alan Clarke The deal was subject to a waiver from NZX listing rules because TBS chairman Christopher Ross, whose family interests own 46 percent of the company, is also a trustee of the Clarke Family Trust, the family trust of Hellaby's Clarke, and was therefore ju...

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