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

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news