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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news