Arowana International Holdings Limited completed the acquisition of Intelligent Solar Limited from PPK Investment Holdings Pty Ltd., Be Real Pty Ltd., Puri Asmoro Pty Ltd., and other shareholders in a reverse merger transaction.
The transaction is subject to a number of conditions, including, the Arowana subsidiaries completing the acquisition of certain operating entities, Intelligent Solar issuing a prospectus to satisfy the ASX requirements for re-quotation and raise further capital, regulatory approval, Intelligent Solar shareholder approval being obtained, completion of private placement of shares and listing of new shares on stock exchange. Intelligent Solar Limited recommends that members vote in favour of the acquisition and associated transactions. Intelligent Solar Limited will also seek shareholder approval for the change in the nature and scale of activities of Intelligent Solar Limited that will occur as a result of the acquisition of Arowana. The shareholders of Intelligent Solar will be held on January 25, 2013. The acquisition is expected to be completed by March 4, 2013. The transaction was approved by shareholders of Intelligent Solar on January 25, 2013. RSM Bird Cameron Corporate Pty Limited concluded that the transaction is fair and reasonable to the non-associated shareholders. Ian Douglas and Glyn Yates of RSM Bird Cameron Corporate Pty Limited acted as fairness opinion provider for a fee of AUD 65,000 and Boardroom Pty Limited acted as registrar for Intelligent Solar Limited.
Arowana International Holdings Limited completed the acquisition of Intelligent Solar Limited from PPK Investment Holdings Pty Ltd., Be Real Pty Ltd., Puri Asmoro Pty Ltd., and other shareholders in a reverse merger transaction on April 4, 2013. All the conditions for the acquisition of Intelligent Solar Limited are satisfied and the name of Intelligent Solar Limited is changed to Arowana International Limited.