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

 

Target Company Statement Sent out today


Target Company Statement Sent out today

Tranz Rail will today mail shareholders copies of the Target Company Statement and the Grant Samuel Report relating to the new Toll Group (NZ) Limited offer.

These are also both available on the Tranz Rail Website of www.tranzrail.co.nz.

The directors of Tranz Rail last week recommended that Tranz Rail shareholders do not accept the Offer of $0.95 per ordinary share for the following reasons:

(a) In Grant Samuel's opinion the Offer is not fair to Tranz Rail shareholders and the directors agree.

(b) The Offer is conditional on acceptances of not less than 90%. This makes the Offer highly uncertain. Feedback from major shareholders indicates that this condition is unlikely to be satisfied.

(c) The Offer is at a price that is below the current market price.

If circumstances change, the directors will review their recommendation and advise shareholders accordingly.

Chairman Wayne Walden said that the directors are continuing to do all they can to encourage superior offers and alternatives.

Mr. Walden reiterated his comments from last week that, "In this regard, shareholders who are intending to accept the Offer should note that if they do, they will not be able to later withdraw this acceptance and accept an alternative offer should one emerge."

August 29 is the final day for shareholders to decide whether to accept the Offer or not unless that date is extended by Toll Group (NZ) Limited.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: