Sena ‘dominant owner’ of 2 Cheap

Sena & Co Limited has become the “dominant owner” of 2 Cheap Cars (2CC) after increasing its shareholding in the business to 94.036 per cent.

It launched a takeover bid for 2CC on July 27 this year and sought to acquire all the ordinary shares it did not already hold.

Sena & Co had 75.924 per cent of shares before making an offer and, after securing a number of shareholder acceptances, reached its target of 90 per cent or more of 2CC’s voting rights in late September. 

Sena & Co, which is owned by 2CC co-founder and chief executive David Sena, issued a notice to the NZX on October 6 under rule 51 of the Takeovers Code.

It explains that, under the offer’s terms, Sena & Co has paid for and become the holder of 8,250,552 ordinary shares in 2CC.

“The acquisition of those shares, when aggregated with the 34,586,927 ordinary shares in 2CC already owned by Sena & Co, means that Sena & Co is now the holder of 94.036 per cent of the voting rights in 2CC,” adds Sena, pictured.

“And, accordingly, Sena & Co has become the ‘dominant owner’ – as that term is defined in the Takeovers Code – of 2CC.”

A second notice to the NZX on the same day says more shareholders had accepted the 90c-per-share offer and that would give Sena & Co a 94.642 per cent stake in 2CC.

Click here to read an in-depth report about 2CC’s takeover in the October issue of Autofile magazine.