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

 

Trevor Janes is Not Independent

Trevor Janes is Not Independent

29 November 2007: Masthead Portfolios said today that it welcomed the decision to reject the independent status on the Abano board of Mr Trevor Janes.

“It was clear to us all along that Mr Janes had a conflict of interest,” said Masthead’s Mark Stewart.

Mr Janes is a director of Salvus Strategic Investments Limited, which is a substantial security holder in Abano. Salvus currently holds approximately a 5.65 per cent shareholding in Abano, having made further purchases of shares after Masthead announced its offer on the 13 September. Mr Janes is also an investment advisor to the ACC, which also owns a significant number of shares in Abano.

It is Mr Janes’ role as director of Salvus that disqualifies him under the NZX Listing Rules from being an Independent director of Abano.

“We raised this right from the beginning (in a letter on 21 September) with the Abano board chairman, Alison Paterson," Mr Stewart said. "She, however, continually rejected the suggestion that Mr Janes was conflicted, which surprised us given this is a key corporate governance issue.

“As a result of this prevarication, Mr Janes has been able to play a significant part in board deliberations regarding our offer. Indeed, we have been surprised by the very negative attitude towards our offer, which has been put on the table in good faith.

“Clearly this negativity makes it much harder for our offer to succeed. This is despite the fact that our $5.00 per share offer price represents a massive 47 per cent premium to the price the Abano shares were trading at before we launched our bid. We also note that the Abano share price is currently trading well below our offer.”

Masthead’s offer is set to close on December 10.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>