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

 


VINZ Board recommends shareholders accept new share price

FOR IMMEDIATE RELEASE


VINZ Board recommends shareholders accept new share price offer from JEVIC NZ Ltd

Discussions result in JEVIC takeover offer increase from $1.65 to $2.15 per share


AUCKLAND, 25 January 2013 – Vehicle Inspection New Zealand Ltd (VINZ) announced today that as a result of discussions with JEVIC NZ Ltd, JEVIC has increased its takeover offer from $1.65 per share to $2.15 per share.

Ken Worsley, Chairman of the VINZ Board, says the Directors unanimously support the JEVIC offer at the increased price and recommend that shareholders accept without further delay.

Mr Worsley says the directors changed their previous recommendation because they believe that the new $2.15 per share offer is fair price for the VINZ shares in the current extremely uncertain regulatory environment.

“The increase of 50 cents per share is a significant improvement over the original price offered. It reflects a fair value for the VINZ business above the value of the cash reserves of the company, which are held primarily to hedge against costs which may arise from any restructuring necessitated by the Vehicle Licensing Review,” says Worsley.

“The new price brings the offer within the value range specified in the report of independent adviser Simmons Corporate Finance. The price is close to the middle price range referred to in the report.”

Mr Worsley says the new price also represents a healthy premium over the price at which the VINZ shares have historically traded on Unlisted, and enables shareholders to realise a much better price for their shares than would otherwise be the case.

He also says the possible competing offer the directors have previously referred to has not eventuated and does not appear likely to do so at this stage.

“The directors will all be accepting the revised offer in respect of the shares in which they have an interest,” says Mr Worsley.

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