Brimstone Shareholders Approve Acquisition Proposal at General Meeting

Brimstone Investment Corporation Limited announced today the successful outcome of its General Meeting held virtually on Monday, 26th February 2024. Shareholders of Brimstone convened to deliberate on crucial resolutions, notably the proposed acquisition by Sea Harvest, a subsidiary of Brimstone, from the Terrasan Group.

Acquisition Proposal Approval

The highlight of the General Meeting was the approval of the acquisition proposal, as outlined in the Circular dated 26th January 2024. The proposal involved Sea Harvest acquiring certain subsidiaries from the Terrasan Group engaged in the catching, processing, and sale of pelagic fish, along with operations in abalone farming, processing, and sale. The Purchase Consideration was slated to be settled through a combination of cash and the issuance of Sea Harvest ordinary shares to Terrasan.

Voting Results

All resolutions presented at the General Meeting garnered the requisite majority of votes for approval. The voting statistics revealed a significant mandate from shareholders in favor of the proposed acquisition:

These results signify the overwhelming support from shareholders for the strategic move by Brimstone and its subsidiary Sea Harvest.

Next Steps

With the approval secured, Brimstone and Sea Harvest are set to proceed with the acquisition process as outlined in the Circular. The successful outcome of the General Meeting underscores the confidence of shareholders in the strategic direction set forth by the company.

Conclusion

The approval of the acquisition proposal marks a significant milestone for Brimstone and its subsidiary Sea Harvest. It reflects the alignment of shareholders with the company’s strategic objectives and sets the stage for further growth and expansion in the seafood industry.