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

 


Designer Textiles (N.Z.) Limited

Designer Textiles (N.Z.) Limited And Mr Kevin Arscott

The Takeovers Panel recently met to examine various matters relating to Mr George Gould, Gould Holdings Limited, the Rutherford family and Designer Textiles (N.Z.) Limited (DTL).

At the meeting the Panel noted that Mr Kevin Arscott of Christchurch, a substantial security holder with declared interests of 7.25% in the voting securities of DTL, appeared to have had close links with Mr Gould for a number of years.

The Panel has ascertained that Mr Arscott had acquired 500,000 DTL shares since the Takeovers Code came into force in July 2001.

The Panel told Mr Arscott that in its view he is probably an associate of Mr Gould in which event his acquisition of 500,000 DTL shares in November 2001 would have contravened the Code.

The Panel will not hold a formal meeting under section 32 of the Takeovers Act to investigate this matter because Mr Arscott has volunteered to give the Panel a legally enforceable undertaking to sell 444,444 DTL shares (around 1.4% of the total voting rights of DTL) within six months. The number of shares to be sold is slightly less than the parcel of 500,000 shares purchased in November 2001 as Mr Arscott has already sold a portion of his holding in DTL through the current 1 for 9 buyback offer.

The Panel accepts that at the time the purchase took place Mr Arscott did not realise that it was probably in breach of the Code.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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: 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>>

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:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news