A2 Corporation Limited (NZAX:ATM) (A2C or the Company) announced today that it has been notified of a change of shareholdings involving one of its major shareholders, Mountain Road Investments Limited (MRI).
MRI is the vehicle through which the company’s Chairman Cliff Cook and fellow director Greg Hinton hold their interests in A2C. The rationale for this joint holding relates to the historic close business ties between Cook and Hinton.
“Greg and I have been working in partnership for a number of years on a range of investments that we have held jointly. More recently there has been a change with Greg now only part time with me and working more on his own projects. As a result of these changes, we’ve agreed it is more appropriate for Greg to hold his shares in A2C directly rather than through the historic joint ownership structure of MRI” noted Mr Cook.
MRI has filed a substantial security holder notice today noting a reduction in its shareholding in A2C from 25.151% to 23.289% following the transfer of 11.0 million shares from MRI to Greg Hinton.
“This change in shareholding will have no impact on our present involvement with the company. I understand from Greg that he is keen to remain a director of A2C and is fully committed to working with me and the rest of the board and management team on the exciting future this company has” Mr Cook added.