Vital Limited, a New Zealand NZX listed radio and fibre network business that supports a large number of critical businesses and enterprises, was subject to a take-private transaction that required careful navigation of a complex and widely dispersed shareholder base.
Working alongside Harmos Horton Lusk and Cameron Partners, Shanahan supported the Vital Board to assess the most viable and beneficial outcome for shareholders, while also ensuring that the case for the transaction was clearly understood across the market.
The structure of the register presented a particular challenge, with a long tail of smaller and often unresponsive shareholders whose participation would ultimately determine success.
The approach
The approach combined clear articulation of strategic options available to the business with a disciplined programme of shareholder communication that balanced technical detail with accessibility. Particular focus was placed on ensuring that shareholders understood both the value on offer and the practical implications of not participating in the transaction.
The outcome
Through sustained engagement and targeted follow-up across the register, the campaign achieved the 90% threshold required to proceed to compulsory acquisition. The process demonstrated the importance of clarity, persistence, and respect for shareholders in driving alignment on complex corporate transactions.