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


Calan Says "No" To "Unfair" Takeover Offer

February 20, 2006

Calan Says “No” To “Unfair” Takeover Offer

Statement made by Bruce Davidson, Chairman of the Independent Committee of Directors, Calan Healthcare Properties Limited

The Independent Committee of Directors of Calan Healthcare Properties Limited are unanimously recommending unit holders DO NOT ACCEPT the unfair ING Property Trust Investment Ltd takeover offer.

The Ferrier Hodgson Independent Appraisal Report is categorical in saying the ING offer significantly undervalues Calan by between 20 cents and 34 cents.

The Ferrier Hodgson report assesses the ING cash plus units offer as having a true value of $1.21 in the hands of Calan unit holders. This is more than four cents lower than ING’s stated offer value of $1.25.

Ferrier Hodgson says that the value of the ING offer is less than ING stated because of the conditions that will see Calan’s and ING’s distributions deducted from the cash price paid and units issued.

ING’s offer is well outside the Ferrier Hodgson’s appraisal of Calan’s fair value of between $1.41 and $1.55, with a mid point of $1.48.

The Independent Committee of Directors note that Calan unit holders currently choose to invest in Calan as it has a low risk, medium return profile, and the market may have a different view of ING’s risk profile.

Calan unit holders should also consider that if the ING offer is successful, ING may not have Calan’s specialist skills and expertise in healthcare property management, and that the Ferrier Hodgson Independent Appraisal Report comments that without specialist health care property management skills, the value of any ING’s units issued to Calan unit holders would risk being reduced.

ING Property Trust currently has a holding in Calan of 5.37%.

The Independent Committee of Directors strongly advises that Calan unit holders take no action and disregard the ING offer.

The full Independent Appraisal Report is being posted to Calan unit holders today.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


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>>


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>>


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>>