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

 

Delegat’s increases offer for Oyster Bay

29 July 2005

Delegat’s increases offer for Oyster Bay to $4.00 per share

Delegat’s Group subsidiary Delegat’s Wine Estate Limited has today increased the price under its partial offer for shares in Oyster Bay Marlborough Vineyards Limited to $4.00 per share. The new price applies to all shareholders accepting the Delegat’s offer, including those who have already sent in acceptances.

“Letters containing the new price are being mailed to shareholders today,” the Managing Director of Delegat’s Group, Mr Jim Delegat, said. “Meanwhile, we continue to receive a very positive response to our offer. As disclosed to the market today, we have now received acceptances which, when taken together with our current shareholding, lift us to 43 percent of Oyster Bay. The flow of acceptances is continuing.”

“This validates the consistent feedback we have received from shareholders – that they support the current direction of the company and value the mutually beneficial relationship between Oyster Bay and Delegat’s.”

“The shareholders’ feedback also indicates that they recognise that the success of the Delegat’s offer is important to the market liquidity of their shares, and to their continuing participation in the affairs of Oyster Bay.” Mr Delegat noted that these points were well made by the independent directors of Oyster Bay in their Target Company Statement.”

“If the Delegat’s offer was successful, the character of the Company would be unlikely to change. Delegat’s would still be the majority shareholder and Shareholders can expect that they would have the same influence and receive the same consideration in the management of the affairs of Oyster Bay as they do now. If the PYIL Offer was successful, it is likely that the character of Oyster Bay would change.

The minority Shareholders would be diluted to a greater extent and would have little influence over PYIL and Delegat’s who between them (or PYIL alone) would run Oyster Bay subject to its contractual obligations.” – Target Company Statement, 19 July 2005 (Page 9)

Delegat’s Wine Estate Limited is seeking acceptances to increase its shareholding in Oyster Bay Marlborough Vineyards Limited to 50.1 percent. Given current acceptances, the success of Delegat’s offer now relies on further acceptances representing 7.1 percent of the total shareholding.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: