As usual when the AGM is held in Dunedin, the Otago daily Times covers it well.
http://www.odt.co.nz/news/business/3...rol-scott-tech
"With the JBS capital injection, expansion in Dunedin is now high on the management's agenda, and with a second share tranchetaking JBS to 50.1%, Scott could, in theory, get up to $45million in new capital."
From Scott's own press release tilted: SHAREHOLDER APPROVAL OF JBS AUSTRALIA PTY LIMITED SCHEME OF ARRANGEMENT
"Subscriptions received pursuant to entitlements: 1,975,618 ordinary shares totalling $2.75 million, representing a take -up of entitlements of 34.76 %."
That sounds poor, until you remember that those shareholders accepting the JBS offer were not allowed to apply for the rights offer as well.
The last SSH figure from JBS was that they held 10,129,971 out of 45,473,890. Other shareholders have added 1,975,618 to the grand total since that notice. So total percentage JBS holding prior to top up is:
10.921,971 / (45,473,890+1,975,618) = 23.0%
To make 50.1% JBS need: 50.1/23.0 x 10,921,971 = 23,790,902 shares
So top up shares total: 23,790,902 - 10,921,971 = 12,868,931
Hence total cash injection into SCT from JBS and all other shareholders will be:
(12,868,931+1,975,618) x $1.39 = $20.624m
That neatly wipes out the $17.4m worth of debt without leaving too much on the table as 'surplus capital'.
SNOOPY