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


Panel To Consider Non-Payment Of Abano Expenses

Press Release

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:


© Scoop Media

Business Headlines | Sci-Tech Headlines


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>


Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>