Panel To Consider Non-Payment Of Abano Expenses
23 June 2008
Takeovers Panel To Consider Non-Payment Of Abano Expenses
The Takeovers Panel met today to consider a formal request by Abano Healthcare Group Limited (Abano) that the Panel convene a meeting under section 32 of the Takeovers Act 1993. Abano alleges Crescent Capital Partners Limited (Crescent) refuses to pay for a number of Abano’s takeover costs. Abano says these costs were properly incurred by Abano in responding to Crescent’s unsuccessful takeover offer for Abano made in December 2007.
The Panel considers that Crescent, by not paying a number of Abano’s costs that may have been properly incurred for the purposes of rule 49(2) of the Takeovers Code, may not have acted, may not be acting, or may intend not to act, in compliance with that rule of the Code.
The Panel notes that Abano has withheld payment of a dividend of 13¢ a share and applied the sum withheld to payment of the expenses not paid by Crescent.
The Panel has decided to convene a meeting in Auckland on Monday 30 June 2008 to determine whether to exercise its powers under section 32 of the Takeovers Act in relation to the non-payment of Abano’s takeover expenses. The meeting will be a private meeting.
The full text of the Panel's notice of meeting is available on the Panel’s website at: www.takeovers.govt.nz