Vi­sion In­vest­ments Founder Share­hold­ers carry out special crossings

Fiji Sun - - Sunbiz - RACHNA LAL SUVA Feed­back: rach­nal@fi­jisun.com.fj

The four Founder Share­hold­ers of Vi­sion In­vest­ments Lim­ited have car­ried out special crossings in or­der to bring the share­hold­ings amongst them to the agreed pro­por­tion. These share­hold­ers are Jacks Eq­uity In­vest­ments Lim­ited, RC Manub­hai & Com­pany Lim­ited, Chal­lenge En­gi­neer­ing Lim­ited and Can­dle In­vest­ments Lim­ited.

Prior to list­ing on the South Pa­cific Stock Ex­change, the Founder Share­hold­ers en­tered into an Agree­ment to col­lec­tively hold a min­i­mum of 60 per cent of the share­hold­ing in the com­pany for a pe­riod of five years. Part of the agree­ment also was to main­tain the prelist­ing share­hold­ing pro­por­tion amongst the four Founder Share­hold­ers. From the 60 per cent, Jacks, RC Manub­hai and Chal­lenge En­gi­neer­ing each are to own 30 per cent each whole Can­dle In­vest­ments is to own 10 per cent. Con­se­quent to the List­ing of the Com­pany on Fe­bru­ary 29, the sale of shares by the Founder Share­hold­ers to In­sti­tu­tional and In­di­vid­ual share­hold­ers were not in pro­por­tion to the re­spec­tive share­hold­ings.

This re­sulted in a share­hold­ing dis­pro­por­tion­ate to that agreed be­tween the Founder Share­hold­ers. Thus, through special crossings at the cur­rent mar­ket price of $1.80 per or­di­nary share, the share­hold­ing amongst the Founder Share­hold­ers is now as per the agreed pro­por­tion. RC Manub­hai bought $402,076 worth of shares from Jacks Eq­uity In­vest­ments. Chal­lenge En­gi­neer­ing bought $54,185 worth of shares from Jacks Eq­uity In­vest­ments and $152,083 worth of shares from Can­dle In­vest­ments. The Special Cross­ing trans­ac­tions were com­pleted on May 27. None of the share­hold­ers, be­sides the fur Founder Share­hold­ers, have been af­fected as a re­sult of this special cross­ing.

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