Vision Investments Founder Shareholders carry out special crossings
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.