The acquisition of 1,835,128 shares in Nadi-based English language school Free Bird Institute Limited (FBL) by Last Resort Co Ltd has been completed.
The shareholders of the publicly listed institution had unanimously approved the resolution for one of Japan’s largest overseas education consultancies to acquire the controlling 50.1 per cent stake.
And at its annual general meeting on May 19 early this year, the board had proposed the transfer of those ordinary shares in FBL from executive chairman Hiroshi Taniguchi to Last Resort Co Ltd.
In a market announcement to the South Pacific Stock Exchange (SPX), Mr Taniguchi said Last Resort Co Ltd acquired the 1,835,128 ordinary shares on August 3 – representing 50.1 per cent of the company’s issued shares.
He said the shares were transferred by way of a negotiated transaction executed as a special crossing at $F3.19 a share, for total consideration of $F5,854,058.32.
“Following completion of the transaction, Last Resort Co Ltd is now the controlling shareholder of Free Bird Institute Limited,” Mr Taniguchi said.
He reassured shareholders that he intended to continue serving as the company’s chief executive officer and board chairman for the foreseeable future.
He said no changes were being anticipated at present as a result of the transaction that would materially affect the institution’s existing operations. He also acknowledged the shareholders, relevant regulatory authorities, the SPX and all parties involved in assisting throughout the transaction.
Free Bird Institute Ltd was originally established as an education institution in 2004, and began formal operations in Nadi in 2006, trading as Namaka Public Free Bird Institute. It was officially incorporated as a limited liability company in 2010, and made history on February 2, 2017 when it became the first ever educational sector company and the first foreign-founded local business to list on the SPX.
