WasteCo Holdings NZ Limited entered into an agreement to acquire Goodwood Capital Limited (NZSE:GWC) for NZD 29.2 million in a reverse merger transaction on April 25, 2022. The transaction values WasteCo at NZD 31 million, and GWC has been valued at approximately NZD 1.2 million. As of June 10, 2022, the parties have agreed to revised the terms of the purchase consideration, The revised purchase price has been reduced to NZD 29.2 million, and will comprise of NZD 25.2 million for the waste co commercial business operations, and NZD 4 million on account of the redemption of the Mandatory Convertible Notes. Prior to the transaction completion, Goodwood Capital share capital will be consolidated on 2.5 to one basis, such that the total number of shares on issue in GWC will be consolidated from 33,409,809 shares to approximately 13,360,000 shares after completion of the consolidation. The shareholders of WasteCo will get 560 million of shares and will have a 80% control of GWC upon completion. In addition, GWC will issue 60 million fully paid ordinary shares to the holders of NZD 3 million of Mandatory Convertible Notes previously issued, or to be issued by WasteCo prior to completion of the transaction. As per the revised terms on June 10, 2022, The shareholders of WasteCo will get 504 million of shares, and in addition GWC will issue 80 million fully paid ordinary shares to the holders of NZD 4 million of Mandatory Convertible Notes previously issued, or to be issued by WasteCo prior to completion of the transaction. Upon completion, GWC would change its name to WasteCo Group Limited and its ticker code to æWCOÆ. The board of GWC, post completion of the transaction, will consist of three of the current WasteCo shareholders, Co-founders Carl Storm and James Redmayne together with Shane Edmond. In addition, there will be two independent directors appointed. Shane Edmond, Carl Storm, and James Redmayne will be appointed as directors of the Goodwood to join Roger Gower and Angus Cooper on the Board going forward.The transaction is subject to approval by the shareholders of GWC. The shareholders of Goodwood Capital Limited approved the transaction in shareholder meeting.
WasteCo Holdings NZ Limited completed the acquisition of Goodwood Capital Limited (NZSE:GWC) in a reverse merger transaction on December 5, 2022. Trading will start from December 6, 2022 under the new issuer name WasteCo Group Limited and ticker code ôWCO.