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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news