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

 


L and M offer passes 90 percent hurdle

L and M offer passes 90 percent hurdle

Jan. 16 (BusinessDesk) - The offer for L&M Energy from its chairman and creditor Geoff Loudon is now unconditional, having been accepted by more than 90 percent of shareholders, allowing compulsory acquisition of remaining shares.

Loudon's New Dawn Energy has acceptance for 90.25 percent of L&M by Jan. 15 and so it will move to compulsorily acquire remaining shares under the Takeovers Code. The offer is open until Jan. 31.

The company made its offer in October at 6 Australian cents a share, valuing the target at A$45.3 million, winning the support of L&M's independent directors.

An independent valuation by KordaMentha put the value at between zero and 5.1 Australian cents. New Dawn has offered between 0.004 Australian cents and 5.99 cents for L&M's options.

The company holds coal seam gas exploration permits in the South Island, petroleum exploration permits in the Taranaki basin, coal prospecting permits in the North Island, and shale gas exploration permits in Southland.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news