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


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


  • Bill Bennett on Tech