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

 

Court of Appeal rejects buy-out bid


Waltus Property Investments


Media release
For immediate use

4 December 2000

Court of Appeal rejects buy-out bid


A small group of objectors to the merger of 27 property syndicates lost their another legal battle today, when the Court of Appeal rejected its buy-out claim.

The new $227 million Waltus Property Investments began trading on the NZSE’s Unlisted Securities Facility (USF) last week.

Founder John Hodge said the Court’s decision was a “comprehensive rejection” of the objectors claims, which had received much attention in the media.

“At the end of the day we had a record turn-out of investors voting on the merger proposal, and 86% voted for it to go ahead.”

“This ridiculous battle by Brian Moyle and investors representing 3% of the new company has been distressing for the rest of our investors, and everyone is glad it’s over,” Mr Hodge said.

“First they lost at the Special Meetings. Then they lost twice at the High Court. And now they’ve finally lost at the Court of Appeal. It’s time for Mr Moyle to move on.”

Meanwhile, although it’s just a few weeks old, the new Waltus Property Investment has already started winning the battle for tenants.

Last week it announced the signing of a significant lease with the Infinity Group, which has taken a nine-year lease on four floors and 76 carparks in the former Elders Finance Building in Khyber Pass Rd, Auckland.

ENDS

For further information contact:
Belinda Milnes
Ph 021 476-926


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO:

Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>

ALSO: