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

 


ElderCare and Fletcher Energy Settle Disputes

FOR IMMEDIATE RELEASE Media Release

ElderCare and Fletcher Challenge Energy Settle Disputes

Auckland – 12 September 2000 – Listed retirement care provider ElderCare New Zealand (NZSE: ELD) today announced that it has settled several matters currently before the High Court with Fletcher Challenge Energy (NZSE: FCE).
The two companies have agreed to undertake a process including, if necessary, legally binding arbitration to determine the value of ElderCare’s preference shareholding in Southern Petroleum (Services) Ltd (SPS) now a subsidiary of FCE.
The parties have also agreed that no further claims of cost will be made with respect to any of the matters currently before the court.
Amongst the matters resolved by the agreement was an insider trading action by ElderCare against FCE subsidiary, Southern Petroleum No Liability. Said ElderCare Chairman, Maurice Kidd, “Comments made by Mr Justice Fisher, and our own legal review of the matter, left the board clearly of the view that this action had little chance of success.”
“We are pleased to have the valuation issue subject to a negotiation process and, if necessary, arbitration. We believe this is an appropriate and cost-effective method of determining the value of ElderCare’s entitlement.”
Company Background
ElderCare New Zealand Limited (NZSE: ELD) develops, invests in and manages retirement and other health care facilities. The company owns a substantial portfolio of nursing homes, assisted living and assessment and rehabilitation facilities throughout New Zealand, in which it offers broad and varied services to meet the healthcare needs of New Zealanders.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news