Majority of Spicers security holders (98%) vote in favor of the capital restructure

Spicers (ASX:SRS) security holders vote to approve the Proposal to unify and simplify the capital structure, with overwhelming majorities (98% of ordinary shareholders and 99% of SPS unitholders)

SLM is pleased to advise that it has acted as Corporate Adviser to Spicers Limited in relation to a Proposal to simplify Spicers capital structure.  Under the Proposal, Spicers will acquire SPS Units that it does not already own, in exchange for the issue of Spicers ordinary shares as consideration.  This Proposal resolves a long-standing intractable problem of finding an acceptable resolution, which has stood in the way of the unification and simplification of the Spicers capital structure.

At general meetings held by SPS unitholders and ordinary shareholders on 15 June 2017, both sets of holders approved the Proposal with overwhelming majorities (98% of ordinary shareholders and 99% of SPS unitholders).  These approvals represent a critical milestone towards the successful implementation of the proposed Trust Scheme, which is expected to occur in late June following a customary second court hearing and suspension of ASX trading of SPS units.

Prior to SLM’s engagement, there had been several years of protracted negotiations between Spicers and SPS unitholders and several unsuccessful attempts by both parties to agree on and pursue a re-organisation of Spicers’ capital structure.  SLM was appointed by Spicers in late October 2015 to assist in devising, negotiating and implementing a mutually acceptable transaction that would finally deliver a resolution to this issue.  This has culminated in the current Trust Scheme.

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