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

 

Guardian Trust To Hold Tranz Rail Shares

October 15, 2003

Media Statement

Guardian Trust Funds Management To Hold Tranz Rail Shares

Statement made by Rickey Ward, Joint Domestic Equity Manager,
Guardian Trust Funds Management

Guardian Trust Funds Management will not be accepting Toll Holdings offer of $1.10 a share for our holding in Tranz Rail of approximately 3% as the offer simply transfers wealth from our investors to Toll’s shareholders.

Our first responsibility is to our investors, and we have always held the view that the offer of $1.10 a share is far too low.

Obviously there is a strong body of shareholders who hold similar views to ours as 17% of Tranz Rail’s shareholders are saying “no thank you”.

We have no doubts at all that Toll will turn Tranz Rail around, as they have an excellent record of creating wealth from under performing companies. Remaining an investor in Tranz Rail in the medium term will be good for our investors as they will share in the value created by Toll.

We are not convinced that Toll will be restricted from making the changes they deem necessary by remaining a listed company on the New Zealand Exchange.

The real beneficiaries of Toll delisting Tranz Rail will be Toll’s shareholders, and Guardian Trust Funds Management is not prepared to put their interests ahead of the interests of its own investors.

Our preferred position is to remain a medium term holder of Tranz Rail shares, and provided sufficient shareholders are of a similar view, will continue to do so.

Note To Media

Guardian Trust Funds Management is a “top five” funds manager in New Zealand with more than $3 billion in funds under management on behalf of retail and wholesale investors, including Asteron and Guardian Trust. It has more than $400 million invested in New Zealand publicly listed companies. The funds are jointly managed by Rickey Ward and James Lindsay.

© 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: