Salt Funds to sell Marsden Maritime Holdings stake

Salt Funds Management will sell its 1,440,856 shares in Marsden Maritime Holdings to a consortium led by Port of Tauranga (NZX: POT), Northland Regional Council, and Tupu Tonu (Ngāpuhi Investment Fund). The move will see the consortium acquire all MMH shares not already held by Northland Regional Council via a Scheme of Arrangement at NZD 5.60 per share. The Marsden Maritime Holdings Board recommends shareholders vote in favor of the offer. Port of Auckland has also committed to voting its 19.9% stake in favor of the scheme. Upon completion, the consortium will form a new holding company, with Port of Tauranga holding 50%, Northland Regional Council 43%, and Tupu Tonu 7%. As part of the transaction, Port of Tauranga will exchange its shareholding in Northport Limited for additional shares in the holding company. A special shareholders' meeting to vote on the proposal will be held on May 29.