General Finance stock market listing moves closer
In May, cash shell Mykco agreed a reverse takeover by Corporate Holdings Limited, the parent company of General Finance and Investment Research Group. In effect, the deal saw Corporate Holdings take over the shell.
This week the deal was approved by Mykco shareholders, paving the way for Corporate Holdings to join the NZX through a so-called backdoor listing.
The plans follow financier Brent King's takeover of General Finance in late December. King, the former boss of finance company Dorchester Pacific teamed up with Malaysia-based Rewi Bugo and investment banker Marvin Lee for the deal. General Finance founders James Lockie and William Cairns cashed out.
In a statement to the stock market, Mycko approved the terms of the deal with Corporate Holdings, and formally appointed Brent King managing director of the company and its subsidiaries. The company will change its name to General Capital Limited and will trade under the Ticker code of NZ:GEN.
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