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


H & G Well Positioned To Secure REL Control

Mon, 21 Jun 2004

H & G Well Positioned To Secure Rel Control

H & G Limited is currently involved in a partial takeover for Rural Equities Ltd (REL) and is seeking to acquire 2,303,551 shares. This will allow H & G and certain associates of H & G to hold 50.1 % of REL.

On 18 June 2004 H & G increased the offer price from $1.25 to $1.50 per share which will be paid for all shares acquired under the offer.

H & G has announced today that it has received acceptances to date in excess of the required amount.

"We are pleased with the widespread support for our offer and the level of acceptances received" said H & G Director David Cushing.

The offer is conditional upon approval being obtained allowing H & G to make the offer.

"At this stage, given the strong acceptance of our offer and the positive reaction from shareholders who have decided to retain their shares but welcome H & G as the majority owner, we are confident this condition will be satisfied," said Mr Cushing.

Mr Cushing said that many shareholders, like H & G, had elected to retain their REL shares as a long-term investment.

"We are of the view that REL is a quality company and has much potential."

The H & G offer will remain open until July 8, 2004.

REL, split off from Williams & Kettle last year, manages the New Zealand Rural Property Trust and also owns 32% of the Trust.


© 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