Quake cash helps Henry mop up Hydromet
Earthquake insurance proceeds have assisted Rich Lister Simon Henry in his Hydromet takeover.
The former Christchurch-based entrepreneur and commercial property owner says he has become the first Kiwi to take over an Australian-listed company in his own right.
His chemical hazards company, Chempro Logistics, has reached the 90% level for share acceptances from investors in ASX-listed Hydromet.
Following the $24 million bid, Mr Henry plans to delist Hydromet and merge it with Chempro.
This will see the merged entity with a value of around $70 million, following some other initiatives.
He has already replaced the board of Hydromet and opened an office in China to facilitate chemical trading.
Mr Henry took a pro-active stance with Australian regulatory authorities and the stricter regime over the Tasman.
He volunteered information about his brother Bernard Whimp, known in Christchurch as a commercial hazard and nationally as a purveyor of low ball share offers.
Mr Henry has also been involved in various other business initiatives which will be revealed by NBR soon.
He still owns several commercial properties in Christchurch and has received insurance payouts for some of them.