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


Guinness Peat Group Plc And The Panel

Guinness Peat Group Plc And The Panel

The Takeovers Panel has cancelled the meeting it had called under section 32 of the Takeovers Act 1993 for Thursday 7 August 2003.

The meeting was to determine whether GPG, as lead underwriter of the recently concluded rights issue made by TOWER Limited (TOWER), could rely on clause 19 of the Takeovers Code (Class Exemptions) Notice (No 2) 2001.

This exemption requires underwriters to sell down any shareholding held in excess of 20% within 6 months. GPG’s view was that it was entitled, as an “underwriter”, to rely on clause 19 of the class exemption.

The Panel’s preliminary view was that GPG was not entitled to rely on the class exemption. The Panel accordingly had granted a specific exemption, the Takeovers Code (Guinness Peat Group plc) Exemption Notice 2003, which required GPG to dispose of any excess shares within the shorter of 30 days or until TOWER held a shareholder meeting.

GPG initiated proceedings in the High Court in an endeavour to have the matter resolved by the Court. Tower’s rights issue has now closed. The Panel is satisfied that, after fulfilling its underwriting obligations, GPG’s control of voting rights in Tower will be less than 20%.

As a consequence there are no longer any issues arising under the Code. The Panel has therefore agreed with GPG on the following course of action: GPG is to discontinue its proceedings against the Panel in the High Court; The Panel’s hearing scheduled for 7 August 2003 has been cancelled; The Panel will revoke the specific exemption it granted to GPG.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


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>>


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>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news