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

 


Kiwi Income Property Trust Regulatory Action

20 January 2005

Kiwi Income Property Trust Regulatory Action

On 26 November 2004, Capital Properties New Zealand Ltd announced that proposals would be sought for the purchase of the management rights over the Company’s property assets. The Capital Properties board expressed the view that the value of the Company’s management rights, as distinct from the value of its property assets, were not properly recognised by the market.

Further, the board expressed the view that the value of the management rights, if sold following a contestable open market process, could be considerably in excess of that recognised in other circumstances. If the board considered that, following receipt of proposals, it was in the best interests of shareholders to sell the management rights then it was likely that they would be sold and the proceeds of sale distributed to shareholders as a return of capital.

On December 21, 2004, Kiwi Income Property Trust (KIP) announced that it had made applications to New Zealand Stock Exchange Ltd (NZX) and the Takeovers Panel in an attempt to procure regulatory intervention to prevent Capital Properties from proceeding with its proposed course of action.

The Takeovers Panel announced today that it has considered KIP’s complaint and has decided that it would take no further action.

Capital Properties’ Chairman, Colin Beyer commented that the Takeovers Panel decision to take no action supports the earlier view taken by the Capital Properties board that it was fully entitled to proceed with its proposed course of action. Mr Beyer confirmed again that he and his fellow directors were simply acting in the best interests of all Capital Properties shareholders. KIP’s assertion that Capital Properties were using defensive tactics lacked credibility, particularly given the absence of any announcement from KIP as to its future intentions.

ENDS

© 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>>

ALSO:

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>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news