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

 


Takeovers Panel to Meet Over Partial Takeover Offer


Takeovers Panel to Meet Over Partial Takeover Offer for Radius Properties

The Takeovers Panel received and considered a formal request from Radius Residential Care Limited (“RRCL”) and Robert Wayne Kent (“Kent”) to convene a meeting under section 32 of the Takeovers Act to inquire into allegations against parties involved in the partial offer by Montagu Investment Holdings Limited (“Montagu”) for Radius Properties Limited (“RPL”).

The Panel considers that there may have been contraventions of the Code in respect of two of the allegations made by RRCL and Kent relating to rule 64 of the Takeovers Code (rule 64 prohibits misleading or deceptive conduct in relation to transactions regulated by the Code):

• RPL and/or the directors of RPL may not have acted in compliance with rule 64 of the Code by failing to disclose to RPL shareholders information about a potential offer by RRCL to purchase the assets of RPL; and

• Montagu and/or the directors of Montagu may not have acted in compliance with rule 64 of the Code by failing to disclose to RPL shareholders information about a potential offer by RRCL to purchase the assets of RPL.

The Panel will hold a meeting for the purposes of determining whether to exercise its powers under section 32 of the Takeovers Act in respect of those two allegations. The meeting will be held in the Hauraki Room at the Langham Hotel, 83 Symonds Street, Auckland, on Friday, 1 March 2013. The meeting will be a private meeting.

Further details are available on the Panel’s website at www.takeovers.govt.nz.


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