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

 


H & G Set To Take Control Of Rural Equities

July 9, 2004

H & G Set To Take Control Of Rural Equities

H & G Ltd, together with certain associates, looks set to take control of Hawkes Bay based Rural Equities Ltd.

H & G Director David Cushing said today that the partial offer for 2,303,551 shares had been successful, with acceptances being received for 2,882,275 shares. Some scaling back of acceptances will be required, as a result of which H & G and certain associates will own 50.1% of Rural Equities. All shares purchased will be at the price of $1.60 per share.

In addition, shareholders approved the H & G offer being made, a requirement of the Takeovers Code.

Mr Cushing says a greater involvement by H & G has been overwhelmingly endorsed by the vast majority of Rural Equities shareholders, which H & G appreciated.

"H & G has a proven track record of value creation in the rural sector," said Mr Cushing.

"Rural Equities has significant long term capital growth potential, which we will focus on. It is unlikely that any dividends will be paid for quite some time" said Mr Cushing.

Rural Equities was spun off from listed Williams and Kettle during a reconstruction earlier this year. As well as holding the management contract for the New Zealand Rural Property Trust, Rural Equities also owns 31.9% of the Trust.

ENDS

© 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>>

ALSO:

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>>

Earlier:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news