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


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news