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

 

Proposed Sale by Capital Properties

20 January 2005

Complaint Regarding Proposed Sale by Capital Properties of its Management Rights

A complaint by Kiwi Income Property Trust (KIPT) in connection with a proposed sale by Capital Properties New Zealand Limited (Capital Properties) of the management rights over its property assets was considered by the Takeovers Panel today.

KIPT alleges that Capital Properties’ announcement, on 26 November 2004, of its intention to sell the management rights amounts to defensive tactics in breach of rule 38 of the Takeovers Code. Just one week earlier, KIPT had taken a stand in the market that resulted in its shareholding in Capital Properties reaching 19.9%.

The Panel obtained documentary material from Capital Properties in response to the complaint. After considering the information before it, the Panel decided that, on the information available, it would take no further action in respect of the letter of complaint by KIPT. The Panel noted that KIPT may formally request the Panel to hold a hearing under section 32 of the Takeovers Act.

* * * * *

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO: