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


Handling Fee OK says Rubicon Forests Limited

Handling Fee OK says Rubicon Forests Limited

27 May 2004 - Rubicon Forests Limited (“Rubicon”) described as “absolutely ridiculous” Tenon’s announcement today that the payment of NZX participant “handling fees” amounted to an unauthorised variation in Rubicon’s partial takeover offer. “Handling fees are nothing new - there is precedent in the New Zealand market, and the Takeovers Panel has addressed this issue in the past. It is a well-trodden path. We have spoken with the Panel today and passed on our comments in relation to Tenon’s press release.

We strongly disagree with Tenon’s statement, and believe that the Tenon independent directors’ view may be coloured by the fact that Rubicon is now receiving an increase in acceptances under its Offer,” the Company said. “We continue to believe that we will achieve a level of support that will see us succeed with the Offer.”

Rubicon said yesterday that it would pay handling fees in connection with its partial takeover offer for Tenon. As Rubicon only needs to acquire the shares of a relatively small number of institutions to be successful, it wishes to ensure small investors are fully informed in relation to the offer and have every opportunity to participate in the offer. The handling fees will compensate Trading Participants for providing advice to retail clients who wish to accept Rubicon’s offer.

The amount of the handling fee payable will be 0.75% of the consideration paid for any acceptances received and subsequently accepted, prior to close of business on 3 June 2004. The handling fee will be subject to a minimum and maximum amount for any single acceptance form of NZ$50 and NZ$750 respectively, inclusive of GST, if any.

The fee is payable, upon Rubicon’s offer becoming unconditional, to any Trading Participant of the NZX whose stamp appears on the Acceptance Transfer Form. Only one fee will be paid in respect of any qualifying acceptance.

Rubicon reserves the right to aggregate any acceptances in determining the handling fees payable to any Trading Participant if Rubicon reasonably believes that a party has manipulated holdings to take advantage of the handling fee. Trading Participants will be asked to confirm that they have not shared the handling fee with offerees.

Trading Participants are precluded from receipt of any handling fee in respect of shares in which they or their associates have relevant interests (within the meaning of those terms under Companies Act 1993). Handling fees paid may not be directly or indirectly shared or extended to accepting shareholders.

Goldman Sachs JBWere has been appointed financial advisor to Rubicon in relation to the offer. Any queries in relation to the handling fee should be directed to Andrew Barclay at Goldman Sachs JBWere on +64 9 353 2358.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


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