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

 


Vector Announces NGC Takeover Offer

Vector Announces Intention To Make Takeover Offer For Remaining Ngc Shares

Vector Limited (VCT) advises that it has sent to NGC Holdings Limited (NGC) a notice of its intention to make an offer for the 32.79% of NGC shares it does not already own (the Takeover Offer).

As part of its initial public offer announced today, Vector will set aside shares as part consideration for the purchase of NGC shares under the Takeover Offer. An investment statement has been prepared in relation to the shares in Vector and will be mailed to NGC shareholders with a takeover offer when the formal Takeover Offer is made.

Vector will offer $3.40 for each fully paid ordinary NGC share, to be satisfied by: Issuing Vector shares having an aggregate issue price of $2.62; plus A cash payment of $0.78. Shareholders of NGC whose registered address on the NGC share register is not in New Zealand (overseas investor), will be offered cash. The cash amount will be determined by Vector issuing to a nominee the Vector shares that would have been allotted to the overseas investor if they had a registered address in New Zealand.

The nominee will sell those shares and the sale proceeds (net of brokerage) when aggregated with the cash component of the consideration (being $0.78 per NGC share) will be transferred to the overseas investor (less any applicable taxes).

The Takeover Offer is due to open on July 11 and close at 5:00pm on August 10 2005.

Application has been made to NZX for permission to list Vector shares, and all the requirements of NZX relating thereto that can be complied with on or before the date of this announcement have been duly complied with.

However, NZX accepts no responsibility for any statement in this announcement.

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