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

 

AFFCO Shareholders Reject Talley's Initiative

17 April, 2002

A special meeting of AFFCO Holdings Limited shareholders in Auckland today (Wednesday, 17 April 2002) rejected a proposal by Talley's Fisheries Limited to acquire 28,524,623 ordinary shares in the company at a price of 38 cents per share.

Talley's had entered into a conditional agreement with Green & McCahill Investments Limited and Kilmacrennan Farm Limited to purchase the shares. Under the terms of the Takeovers Code, shareholder approval was required for the transaction.

A poll at the meeting resulted in 42,479,724 votes in favour of the proposal, and 56,075,589 against.

Talley's currently holds 19.865% of the voting securities in AFFCO. Had the acquisition been approved, it would have increased its holding to 30.399% of all AFFCO voting securities.

An independent adviser report from Deloitte Corporate Finance, a division of Deloitte Touche Tohmatsu said the merits of the transaction would be to AFFCO's advantage, and this was confirmed by the independent directors of AFFCO who recommended that shareholders approve the acquisition.

AFFCO's Executive Chairman Sam Lewis said it was business as usual for the company.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>