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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news