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

 


No Increase, No Extension – Logan

No Increase, No Extension – Logan

First Test of New Code to Increase Shareholding

Auckland, 5 November 2001 – Logan Corporation has formally advised the independent Directors of Pacific Retail Group (NZSE: PRG) that it does not intend to extend or increase its formal offer of $1.76 for each share in PRG.

The offer is scheduled to expire on 10 November 2001. After considering Logan’s communication, the independent Directors of PRG have suggested that it may be appropriate that Logan relay that information directly to shareholders.

“We made it clear at the outset that we were not necessarily seeking 100 percent of PRG, although the provisions of the Takeovers Code required us to bid for 100 percent,” said Cullen Investments Group Managing Director, Phil Newland. “For that reason, our offer was not conditional upon any particular level of acceptances and, while we were prepared to purchase 100 percent of PRG, as required by the Takeovers Code, we will be comfortable closing out our offer with a substantially increased shareholding.”

In making their recommendation, which rejected Logan’s offer, the Independent Directors noted “the possibility of shares falling below the offer price of $1.76 if Logan does not achieve full ownership of PRG,” and concluded: “the Committee is also aware that there is limited liquidity for shares in PRG and that PRG presently is not paying dividends.”

Mr Newland said that this was a responsible approach by the independent Directors, who were cognisant that the pre-bid share price stood at around $1.40 and that shareholders faced the risk of limited future opportunities for exit.

Logan Corporation is a wholly owned subsidiary of Cullen Investments.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news