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


Agmnt. with Telecom regarding its stake in SKY TV

INL announces further details on its agreement with Telecom regarding its stake in SKY TV

For release, 28 August 2003

Independent Newspapers Limited (“INL”) today provided further details regarding the agreement it has reached with Telecom Corporation of New Zealand (“Telecom”) regarding the takeover offer that INL intends to make for the shares in SKY Network Television Limited (“SKY”) that it does not already own. The key terms of the agreement are as follows:

- Telecom has agreed to accept the offer when it is made, provided that INL files its takeover notice no later than 15 October 2003.

- INL will not acquire shares in SKY at a price higher than that to be paid under the offer for a period of twelve months from the date of announcement of the offer. This commitment will be reflected in the terms of the offer, when made.

- INL has committed that, following the close of the offer, it will proceed with a share cancellation by way of a High Court approved and shareholder approved scheme of arrangement to distribute as much of its surplus capital as can be distributed in a tax-efficient manner. This commitment will also be reflected in the terms of the offer. All INL shareholders, including former SKY shareholders who have received INL shares pursuant to the offer, will participate in the return of capital. The cash distribution is expected to be covered by INL’s available subscribed capital and imputation credits. If there is any remaining surplus capital that cannot be distributed in a tax efficient manner at that time it will eventually be distributed when INL reaches 100% ownership of SKY and amalgamates with SKY.

INL confirms that it has filed a substantial security holder notice with regard to the agreement it has reached with Telecom today.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


Half A Billion Accounts, Including Xtra: 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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news