Trading shell company Goodwood Capital announced to the New Zealand stock exchange (NZX) that the documentation required in support of its acquisition of waste and industrial services business WasteCo has been sent out to shareholders.
Goodwood told the market back in April that it had reached a conditional agreement to buy the South Island business, after which it will change its name to WasteCo and list on the NZX through a reverse takeover.
WasteCo provides waste collection services through Christchurch, Ashburton, Timaru, Oamaru, Dunedin and Balclutha. It also operates a 3,600 square metre landfill sorting facility in Christchurch and conducts road sweeping services for councils and commercial customers.
Goodwood has agreed to acquire 100% of the shares in WasteCo from the company’s shareholders and $4 million mandatory convertible notes (MCNs) issued by WasteCo for $29.2m.
The report stated that Mounterowen, a company owned by Goodwood’s chair Sean Joyce, is Goodwood’s largest shareholder and holds 18.7% of the firm’s shares.
The shell company told the NZX that it expects the acquisition to be completed “on or around” Dec 5.
A shareholder meeting will be held on Dec 5 in Auckland where representatives from WasteCo will also be presenting.
