Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NGS Nominates Infratil Share Buy-Back Price

MEDIACOM-RELEASE-NATURAL-GAS-CORPORATION

NGS NOMINATES INFRATIL SHARE BUY-BACK PRICE

Natural Gas Corporation Holdings Limited said today that, in accordance with procedures under the buy-back provisions of the Companies Act 1993, it has nominated a price of $1.30 per share to repurchase the 26,581,934 shares held in the Company by Infratil 1998 Limited.

As there is little precedent for the determination of a" fair and reasonable" price under the minority buyout provisions of the Companies Act 1993, the Board has taken extensive legal and financial advice over the appropriate determination of the nominated price as it specifically applies to the shares covered by the buyout notice.

NGC has notified Infratil of the nominated price and now awaits Infratil's response, which is expected by 23 May, in accordance with the Act's procedures.

ENDS...

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO:

Oxfam: Drug Companies Cheating Countries Out Of Billions In Tax

Oxfam’s analysis suggests these four companies are shifting profits out of countries where they do their business and into tax havens that charge little or no tax. More>>

Off The Lam: 50 Lambs Reported Lost, Found

The sheep had escaped and merged with another farmer’s flock. The combined flocks had been moved to another property before the farmer realised the missing sheep were included. More>>

Rotting Poles: Commission To File Proceedings Against Aurora Energy

The Commerce Commission has decided to file court proceedings against Dunedin-based electricity lines company Aurora Energy for breaching its regulated quality standards in 2016 and 2017. More>>

ALSO:

Gordon Campbell: On The Rising Cost Of Petrol

As petrol gets more and more expensive, Auckland motorists have several things to blame for it – the slumping value of the Kiwi dollar, Donald Trump’s sanctions on Iranian oil, hurricanes in the Caribbean… But it is simpler and feels better to lay all the blame on the regional fuel tax. More>>

ALSO: