Half year results

Tue, Nov 29 2022 02:08 pm

Goodwood Capital Limited (NZX: GWC) has provided a copy of its unaudited financial statements for the 6 months ended 30 September 2022.

WasteCo RTO

The goal of the Board has been to find a suitable business to acquire and effectively “reverse list” into the Company.

Shareholders should have received by now a copy of the materials that have been sent out to support the proposed acquisition of 100% of the shares on issue in WasteCo Holdings NZ Limited (“WasteCo”) by the Company.

The Board is seeking shareholder approval for the implementation of a significant operational and capital restructure which has been negotiated and endorsed by the Board of the Company relating to the conditional acquisition of WasteCo which was announced to the market on 26 April 2022, subject to shareholder approval.

WasteCo operates a diversified waste, refuse and industrial services business with operations in Christchurch, Ashburton, Timaru, Oamaru, Dunedin and Balclutha through six subsidiaries.

The proposed restructure of GWC can be best described as a reverse takeover transaction, often referred to as an “RTO”. The in-substance commercial effect of the restructure is that GWC would acquire WasteCo in consideration for the issue of 504 million new GWC shares to the existing shareholders of WasteCo.

n conjunction with the acquisition of WasteCo, GWC would also issue an additional 170,636,073 new GWC shares to a number of third parties, including financial investors into WasteCo, new investors into GWC, and to Mounterowen Limited. The details of these various allotments of GWC shares are referred to in the Notice of Special Meeting sent out to shareholders recently.

The WasteCo business operations are both profitable and are experiencing year on year growth since the date of their inception.

WasteCo is led by a team of passionate and experienced executives committed to the ongoing growth and success of the business.

The Board considers that the acquisition of WasteCo Holdings NZ Limited and the collateral capital raising represents an exciting opportunity for the Company and its shareholders and strongly recommends that all shareholders read the Profile, the Independent Advisor’s Report and Appraisal Report that have been made available to all shareholders.

The Board of Goodwood Capital Limited is very pleased to present the WasteCo Acquisition to shareholders for their consideration. We encourage shareholders to approve all of the resolutions at the Special Meeting.

Half Year Result

The financial result for the Company for the six-month period ended 30 September 2022 is a loss after taxation of NZ$220,161 which is largely due to costs associated with maintaining an NZX listing, directors fees, accounting and administration costs and costs associated with the WasteCo Holdings NZ Limited transaction.

Announcement PDF

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