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


Panel Sets Aside Complaint

26 May 2004

Panel Sets Aside Complaint But Considers More Disclosure By Wrightson May Be Required

The Takeovers Panel met on 26 May 2004 to consider complaints made by Rural Portfolio Investments Limited concerning Wrightson Limited’s response to its partial offer for that company. The Panel took into account Wrightson’s comments on the complaints.

In general terms these complaints concerned: aspects of the target company statement, including the independent adviser’s report prepared by Grant Samuel & Associates Limited; the indication in Wrightson’s target company statement that it may declare additional dividends in the current financial year. The Panel asked Rural Portfolio Investments whether it wished to formally request that the Panel convene a meeting under section 32 of the Takeovers Act to determine the complaints it had made.

Rural Portfolio Investments declined to make such a request. The Panel decided, after considering the complaints and Wrightson’s comments, that there was insufficient merit in the complaints to warrant the Panel taking any further action in the present circumstances.

The Panel reserves the right to take action in relation to the complaints if circumstances change. The Panel noted that Wrightson’s target company statement made extensive use of a valuation of Wrightson prepared by Cameron & Company.

The Panel’s preliminary view is that, consistent with the policy underlying this clause, the valuation is required to be made available to shareholders of Wrightson under clause 20 of Schedule 2 to the Takeovers Code.

Wrightson has been asked to notify the Panel urgently that it will make the full Cameron & Company valuation available to any Wrightson shareholder who requests it in terms of the requirements of clause 20.

If the Panel does not receive confirmation of this by 12 noon on Thursday 27 May 2004 it will formally consider whether to convene a meeting under section 32 of the Takeovers Act to determine the issue.


© 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