Full Year Results to 31 March 2022 / Annual Report

FLLYR

Fri, May 27 2022 08:30 am

During the course of the financial year ended 31 March 2022, the Board was actively engaged in looking to identify a suitable business opportunity to invest in and/or acquire through a reverse takeover transaction (RTO). Discussions have been had with several potential acquisition targets.

On 26 April, the directors of Goodwood Capital Limited (“Goodwood”) announced that Goodwood has reached agreement to acquire 100% of WasteCo Holdings NZ Limited (“WasteCo”), a diversified waste, refuse and industrial services.

The transaction agreed between the parties values WasteCo at $31 million, whilst the listed shell of Goodwood has been valued at circa $1.2 million (post the capitalisation of the existing indebtedness of Goodwood to Mounterowen Limited).

In anticipation of the transaction proceeding, Goodwood undertook a 2.5 to one consolidation of its share capital on 5 May 2022. This resulted in the share capital of Goodwood being consolidated to 13,363,927 shares after completion of the consolidation.

The Board looks forward to presenting the WasteCo Group initiative to shareholders in the coming months and are excited about the opportunity that the initiative presents.

Sean Joyce
Chairman