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

 


Inl Shareholders Approve Sale To Fairfax


For release Monday 30 June 2003

Inl Shareholders Approve Sale To Fairfax


Independent Newspapers Limited today confirmed that a special meeting of shareholders had approved the sale of the company's New Zealand publishing assets to Fairfax New Zealand.

Chairman Ken Cowley said the proposed sale had received 94.23% support, with votes in favour of the sale accounting for 326.9 million shares.

The poll results are as follows:

FOR AGAINST TOTAL
Total Shares 326,943,842 20,003,531 346,947,343
% 94.23% 5.77% 100%

Mr Cowley said he was pleased that the proposal had met with such strong support.

The shareholder approval meant that the transaction would be finalised today.

Mr Cowley told a meeting of around 100 shareholders in Wellington today that the sale marked the end of an era and a long personal association for him with the INL publishing business.

"While it is an emotional occasion, the Board has always maintained that this sale represents the best opportunity for shareholders to maximise their investment."

Mr Cowley said the potential use of the sale proceeds would be considered expeditiously by the INL Board. He confirmed that future options included:
- The potential sale of the Geelong Advertiser
- A return of capital to shareholders
- Increasing INL's shareholding in Sky TV

Mr Cowley said the Board had commissioned an independent valuation of the Sky TV and would await this report before considering the matter any further. "We are considering the options around Sky, but I can assure you that we will not be paying any excessive price or premium."

[Ends]

- Independent Newspapers Limited is New Zealand's largest media company, publishing nine daily newspapers in New Zealand and one in Australia, plus New Zealand's two Sunday newspapers and the news and information website www.stuff.co.nz. In addition INL publishes a range of other weeklies and national magazines, including TV Guide and NZ House & Garden, operates New Zealand's largest magazine distribution business and publishes over 60 community newspaper titles in New Zealand and Australia. INL also holds a 66% interest in Sky Network Television Limited, New Zealand's pre-eminent pay television service. INL had total assets as of 31December 2002 of approximately $NZ2.1B and total annual revenues of approximately $NZ454M for the six months ended 31 December 2002.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news