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

 


Jevic ups VINZ offer, government policy affects valuation

Jevic ups VINZ offer, government policy affects valuation

Jan 25 (BusinessDesk) - Vehicle inspectors Jevic New Zealand has upped its offer for all the shares of Vehicle Inspection New Zealand (VINZ) to a level that has won approval of directors who can’t see a competing offer eventuating.

Jevic has increased its offer to $2.15 a share from the $1.65 a share, valuing VINZ at $5.4 million.

The new offer is being unanimously recommended by directors who are accepting it on behalf of their own holdings.

Chairman Ken Worsley said $2.15 a share was a fair price in the current extremely uncertain regulatory environment for companies that pre-vet imported used vehicles.

“The increase of 50 cents per share is a significant improvement over the original price offered,” he said.

The price is close to the middle of a range in the report of independent adviser Simmons Corporate Finance.

But the report ascribes an extremely wide range of valuations depending on possible changes to government policy relating to warrants of fitness, certificates of fitness, and vehicle registration.

The report values VINZ at between $3.26 to $3.70 per share if the status quo continues, but says this is an optimistic position.

Under a scenario of only changes to policy on warrants of fitness, the value range is $2.27 to $2.55 per share and under a wider range of policy changes the value drops to between $1.77 and $1.93 per share.

VINZ’s shares are traded on the unregulated Unlisted securities trading facility. The company had a market capitalisation of $3.8 million as at January 18.

Its unaudited total equity was $5.1 million as at December 31, 2012.

Jevic has lockup agreements with four shareholders and who own about 18.5 percent of VINZ.

Among VINZ’s services is the completion of vehicle entry certification for the NZ Transport Agency and it currently has about 40 percent of that work.

The Jevic group provides pre-shipment inspections in Japan and the UK and says it is the country’s largest biosecurity vehicle inspectorate with about 85 percent of that market.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

/S00218/rbnz-releases-brighter-money-designs.htm">Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news