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Council Approves Establishment of CCO

10 December 2007


Council Approves Establishment of CCO

New Plymouth District Council today approved the establishment of a council-controlled organisation (CCO), enabling NPDC’s investment managers to continue with plans to buy a majority shareholding in a large Tasmanian dairy farming business.

In accordance with the Takeovers Code, a formal takeover offer has now been made to acquire all of the shares in Tasman Farms Ltd (TFL). If the takeover is successful, TFL will become a council-controlled organisation under the Local Government Act 2002.

The major shareholder of TFL has already agreed to sell its 41.5 per cent stake to NPDC, through Taranaki Investment Management Ltd, at a price of $1.10 per share. This price will now be offered to the remaining TFL shareholders with a stake of more than 50 per cent required for the takeover offer to become unconditional.

Today’s council decision followed a 30-day consultation period in which one public submission was received and considered.


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