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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news