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

 


VINZ Board Reaffirms Interim 'don't sell' Notice


FOR IMMEDIATE RELEASE

VINZ Board reaffirms interim 'don't sell' notice to shareholders, labeling JEVIC offer ‘opportunistic’

Takeovers Panel currently reviewing Independent Adviser’s Report and Directors’ Recommendations before public dissemination

AUCKLAND, 17 January 2013 - Vehicle Inspection New Zealand Ltd has today announced that its Board reaffirms its interim ‘don’t sell’ notice to shareholders who are considering the current takeover offer made by JEVIC New Zealand Ltd of $1.65 per share.

Ken Worsley, Chairman of the VINZ Board, says “An Independent Adviser’s Report on the JEVIC offer has been prepared. Both this document and the Board’s response and recommendation to shareholders have been sent to the Takeovers Panel for review before they can be made public.

“Once the Takeovers Panel has vetted these vital documents, we will dispatch them to shareholders. We will do that as soon as possible and, in any event, by no later than Wednesday 23 January. It is critical that shareholders make an informed decision. We strongly urge them to wait until they have read our full recommendations and the Independent Adviser’s Report before they decide on the JEVIC offer.”

In addition, Mr Worsley reminds shareholders that the company’s significant cash reserves alone value VINZ at a minimum of $1.27 per share before considering other factors which will be covered fully in the Report and the Board’s recommendations.

“It is the view of the Board that the current JEVIC offer is opportunistic in that it takes advantage of perceived uncertainty caused by the current Vehicle Licensing Review process,” he says.

Mr Worsley reiterates the Board’s interim ‘don’t sell’ notice to shareholders until they have received and read the Report and recommendations.

- -

About VINZ
As part of a long term partnership with Government via the New Zealand Transport Agency (NZTA), VINZ inspects, tests, and certifies new and used vehicles to ensure they comply with safety and environmental protection regulations. The company’s services meet the needs of an essential and permanent part of road transport legislation, including Warrant of Fitness (WOF) and Certificate of Fitness testing (COF for commercial vehicles), vehicle appraisals and inspections, exhaust emission testing, driver and vehicle licensing, and road user charge collection.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news