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


Tranz Rail concerned over inaccurate comments

Tranz Rail concerned over inaccurate comments

Auckland -New Zealand Tranz Rail Holdings Limited {NZX:TRH}

Tranz Rail Board Chairman Wayne Walden has today responded to media comments attributed to Toll Holdings Managing Director Paul Little.

Yesterday Mr Little was quoted as saying that "There are financial issues in front of the company that are worse than what we have realized, and if nothing happens then there could well be another financial crisis, another debt repayment crisis within the next few weeks."

Mr Walden says Tranz Rail refutes this assertion. The recent deposit of $44 million by the government has significantly strengthened Tranz Rail Holdings capital position and, in fact, our available banking facility at the end of June was in excess of $20 million. In addition, the company's forward cash flow estimates, which are regularly updated, will see us through the seasonal lows.

"There have been a variety of comments in the market about the new offer to shareholders from Toll. At this point, Tranz Rail urges all shareholders to wait until the Board has received the Grant Samuel report and makes its new recommendation. This recommendation will be available within 14 days of the new offer being made to shareholders.

"The board of Tranz Rail believes that it is extremely important that shareholders are in possession of the correct facts about the company's financial position. This information in combination with the Grant Samuel report will enable them to form a view in relation to the disposal of their shares having been fully informed," said Mr Walden.

© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


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>>



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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news