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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news