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

 


Cullen reduces ADV Position, Increases PRG Stake

Cullen reduces ADV Position, Increases Stake in PRG

Cullen Investments today announced that its associated company, Calibre Investments Limited, had sold 11,535,714 shares in Advantage Group (NZSE: ADV) to Nick Gordon for approximately $0.37 cents per share. Advantage shares closed at 36 cents yesterday. Calibre will retain a small residual holding in ADV.

Cullen’s wholly owned subsidiary, Logan Corporation, has also entered into an agreement to purchase, from Mr Gordon and his family, 1,905,215 shares in Pacific Retail Group (NZSE: PRG), representing 3.77 percent of the ordinary shares in the Company, at $2.25 per share. PRG shares closed at $2.26 yesterday.

Under the provisions of the Takeovers Code Logan, which currently holds 73.17 percent of the ordinary shares in PRG, is required to make an offer to all shareholders within 220 days of effecting this transaction.

“We are comfortable with our current position, but are required by the Code to acquire Mr Gordon’s shares through a Code offer, thereby creating a consequential opportunity for other PRG shareholders to participate,” said Cullen Group Managing Director, Phil Newland. “What is important is that minorities have a choice – that is precisely the purpose of the Code. However, given the signalled change in direction of PRG into an investment vehicle, as evidenced by its recent successful takeover bid for Bendon Group Limited, any shareholders who may wish to sell are likely to see the offer as a convenient opportunity to do so.”

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