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

 

Panel Declines Exemption Request From Ngai Tahu

News Release


18 December 2003

Panel Declines Exemption Request From Ngai Tahu Holdings

On 15 December 2003 the Panel sought the views of shareholders of Shotover Jet Limited on a possible exemption for Ngai Tahu Holdings Corporation Limited in relation to its recently announced takeover offer for the shares in Shotover Jet Limited that it does not already own.

The exemption would have allowed Ngai Tahu a longer period than the 30 days provided in the Code between the time of becoming dominant owner of Shotover Jet (should it do so) and the time it must send an acquisition notice to those shareholders who had not accepted the Ngai Tahu offer.

The Panel received 14 submissions, mostly from or on behalf of larger shareholders in Shotover Jet Limited. The Panel is grateful to respondents for making their submissions in such a short time frame. Most submissions opposed the granting of an exemption by the Panel.

The Panel has declined the request for an exemption. The Panel considered that it was inappropriate, particularly given the strong views of those who made submissions, to change the timing rules of the Code for a takeover that has in effect been underway for some time.

…ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>

ALSO:

Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>

ALSO: