Pure Foods Tasmania Pty Ltd completed the acquisition of Bunji Corporation Limited in a reverse merger transaction.
The transaction is subject to completion of due diligence by both parties, execution of the ancillary share sale agreements, shareholder approval of Bunji Corporation, Bunji raising at least AUD 3 million under a public offer, Bunji Corporation completing the share cancellation, consolidation and the public offer, Bunji Corporation receiving a conditional re-listing letter from ASX advising that ASX will reinstate the Shares to official quotation on ASX following completion of the transaction. The transaction was approved by the Board of Directors of Bunji Corporation. The shareholder meeting of Bunji Corporation will take place on January 30, 2020. As on January 30, 2020, the transaction has been approved by shareholders of Bunji Corporation and Bunji Corporation signed Ancillary SSAs with the remaining Pure Foods. All conditions precedent to the share sale agreements have been satisfied. It has received conditional approval from ASX to be reinstated to the Official List of ASX and has closed its oversubscribed Public Offer raising AUD 3.5 million (before costs). The transaction is expected to close on March 16, 2020. As of April 2, 2020, The transaction is expected to close shortly. Otsana Capital acted as a financial advisor to Bunji Corporation.
Pure Foods Tasmania Pty Ltd completed the acquisition of Bunji Corporation Limited (ASX:BCL) in a reverse merger transaction on April 28, 2020. The board of directors of Bunji Corporation Limited have resigned and have been replaced by Malcolm McAully (Non-Executive Chairman), Michael Cooper (Managing Director), Alexander Sandy Beard (Non-Executive Director) and Ken Fleming (Non-Executive Director). Bunji Corporation Limited and it advisors are working closely with ASX to satisfy the remaining conditions and anticipate that the company will be reinstated to official quotation by April 30, 2020.