A week after Mackenzie Financial Corp appeared to accidentally trip Nordic American Offshore's poison pill, the Emanuele Lauro-led company has found a workaround.
The multi-billion dollar Canadian investment firm is now exempt from the 15% of all shares cap, according to an SEC filing made Friday afternoon, but must stay under 20%.
Last week, Mackenzie disclosed it owned 1.16 million of the New York-traded offshore player's shares, good for 15.82% of the company and up from its previous 10% stake.
But the disclosure meant Mackenzie had crossed the threshold set out in Nordic American Offshore's shareholder rights agreement — colloquially known as a poison bill — adopted in December.
The move, meant to ward off takeover attempts, was made shortly after the Scorpio Group took a controlling stake in Nordic American Offshore in a private placement.
The agreement gave shareholders the right to purchase more shares should an unauthorized investor acquire 15% or more. The measure excluded the Scorpio Group and grandfathered in others already above the mark.
