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

 

Independent Directors Seek Offer Extension

30 October 2005

Carter Holt Harvey Independent Directors Seek Offer Extension

The Committee of Independent Directors of Carter Holt Harvey Limited has approached Rank Group Investments Limited (Rank Group) seeking an extension of the takeover offer period. A copy of the letter sent to Rank Group is attached to this notice.


EXTENSION OF OFFER TO ALLOW SHAREHOLDERS TO BE FULLY INFORMED

On 26 October, the Company announced to the market a revised 2005 profit forecast. That same day the Committee of Independent Directors advised the market that it was reviewing whether the revised 2005 forecast had implications for the Company’s longer-term cashflows and valuation.

On 28 October, the Committee of Independent Directors advised the market that it had re-engaged Grant Samuel to assess whether the revised forecast had any implications for the content of its original independent valuation report. Grant Samuel advised the Independent Directors that it was unable to complete this work before Monday, 31 October.

Rank’s offer closes on 3 November. This leaves little time between receipt of the Grant Samuel review and the close of the offer to reliably communicate to shareholders and to ensure they are fully informed. This is particularly so, as it may require a mail-out to all shareholders to ensure that they are fully informed.

In the interests of ensuring that shareholders are fully informed we request that you extend your offer period to allow sufficient time for all shareholders to be fully informed.

It would be appreciated if we could receive advice of your decision by 10.00 am on Monday 31 October.

Yours sincerely
Kerry McDonald
Director - Chairman of Committee of Independent Directors

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Employment:Slow Track For Most Contentious Labour Law

The government will announce a timetable for legislating a range of long-signalled labour law changes but is placing its intention to introduce new Fair Pay Agreement legislation on a slower track to allow consultation with both employers and trade unions. More>>

ALSO:

NZ's Space Programme: Rocket Lab's Successful Launch

Science Media Centre: Rocket Lab successfully launched its Electron rocket and deployed satellites into orbit Sunday afternoon, a milestone for the company and New Zealand's fledgling private space industry. More>>

ALSO:

BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>

ALSO:

StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>

ALSO:

Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>

ALSO: