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

 


Clegg moves to takeover rest of New Image and delist

Clegg moves to takeover rest of New Image and delist

Jan 18 (BusinessDesk) - New Image Group’s chairman Graeme Clegg is moving to take the colostrum-based health tonic maker private, saying a sharemarket listing no longer makes sense for the company.

The company has received a notice of a takeover at 26 cents a share from New Image Trustee Ltd, a company controlled by Mr Clegg, who already owns just under 70 percent of the company.

The company was originally listed as Selector Group 13 years ago. Clegg says in the takeover documents that a listing on the New Zealand stock exchange no longer made sense.

“In simple terms, New Image has no need for further capital, is too small, has too few shareholders, and its shares traded too infrequently for it to remain as a listed vehicle,” he says.

The offer, which closes March 29, comes after Clegg in October announced the purchase of a 10.1 percent stake in the company held by HWM (NZ), formerly known as Huljich Wealth Management, in two steps to avoid having to make a full takeover.

Clegg, who held 58.33 percent of the company at the time, was paying $6.1 million, or 26 cents a share, in two equal tranches.

The notice of an offer to remaining shareholders announced today is for cash and is conditional on receiving 90 percent acceptances, the levels which allows compulsory acquisition of remaining shares.

Exotic-Corp, which owns 26.65 percent, has indicated it will accept the offer.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news