Announcement • Sep 26
Tait International Limited completed the acquisition of Vital Limited (NZSE:VTL). Tait International Limited proposed to acquire Vital Limited (NZSE:VTL) for NZD 18.7 million on May 27, 2025. A cash consideration valued at NZD 0.45 per share will be paid by Tait International Limited.
As per Tait International Limited, its offer will be subject to a 90% minimum acceptance condition and a limited number of customary conditions. The Board of Directors of Vital Limited recommends that Vital Limited shareholders do not take any action in respect of Tait International Limited proposed takeover offer until they receive further advice from the Board. As of July 4th, 2025 Vital Limited's board has recommended the shareholders to accept the offer. As of July 11, 2025, Tait International Limited press release stated that it will not increase its offer under any circumstances. The transaction is subject to minimum tender. The tender offer is expected to close on July 18, 2025. Tait International Limited wishes to advise you that it has decided to further vary the offer period for the Offer by extending the closing date for the Offer from August 8, 2025 to September 2, 2025. This extension also means that the latest date that Tait International Limited may declare the Offer unconditional has been extended from on August 22, 2025 to on September 26, 2025. As on August 8, 2025, the board of vital unanimously recommends all the outstanding shareholders accept the offer by Tait International Limited without delay. Tait International Limited has confirmed that NZD 0.45 per share is its full and final price for this offer, and the Vital Board considers that no competing offer is likely to materialize during the offer period. In addition, Tait International Limited offer is conditional on reaching 90% acceptance, which means that the offer may lapse if Tait receives acceptances for less than 90% of the Vital shares. Tait International Limited is scheduled to close on September 12, 2025. As on September 12, 2025, Vital Limited announces that Tait International Limited has received acceptances to its full takeover offer for 92.082% of Vital Limited shares. As a result, the 90% minimum acceptance condition to Tait International Limited takeover offer has been satisfied. Accordingly, Tait International Limited gives notice for the purposes that all of the conditions of the Offer have either been satisfied or waived, and the Offer is unconditional. As on September 12, 2025, the closing date of the Offer has been extended from September 12, 2025 to September 25, 2025.
Harmos Horton Lusk acted as legal advisor, Cameron Partners Ltd acted as financial advisor and Shanahan Partners acted as communication advisor to Vital Limited. Murray & Co acted as legal advisor for Tait International Limited. MUFG Pension & Market Services (NZ) Limited acted as the registrar to Vital Limited.
Tait International Limited completed the acquisition of Vital Limited (NZSE:VTL) on September 25, 2025. New Risk • Sep 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NZ$17.0m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.2% per year over the past 5 years. Market cap is less than US$10m (NZ$17.0m market cap, or US$9.98m). Minor Risk Significant insider selling over the past 3 months (NZ$612k sold). Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Chairman John McMahon was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 