ACC to sell MMH shares to consortium led by POT

Accident Compensation Corporation (ACC) has entered a voting agreement to sell its 2.64% stake, comprising 1,091,622 shares, in Marsden Maritime Holdings (NZX: MMH) to a consortium. The consortium is led by Port of Tauranga (NZX: POT) and includes Northland Regional Council and Tupu Tonu (Ngāpuhi Investment Fund). The proposal involves acquiring all outstanding MMH shares not already held by Northland Regional Council through a Scheme of Arrangement at NZD 5.60 per share. The Marsden Maritime Holdings Board has unanimously recommended shareholders vote in favor of the offer. Port of Auckland and Salt Funds Management have already agreed to vote in favor of the Scheme. Following the transaction, Port of Tauranga will hold 50% of the new holding company, Northland Regional Council will hold a 43% stake, and Tupu Tonu will hold a 7% stake.