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

 


Lock-up Agreement Ahead of Takeover Offer for Lyttelton Port

cchl

CHRISTCHURCH CITY HOLDINGS LIMITED

1 August 2014

COMPANY ANNOUNCEMENT

Christchurch City Holdings Limited Enters Lock-up Agreement Ahead of Takeover Offer for Lyttelton Port Company Limited

Christchurch City Holdings Limited (CCHL) today announced it has entered into a lock-up agreement with Port Otago Limited (Port Otago), a 15.48% shareholder in Lyttelton Port Company Limited (LPC). Port Otago has agreed to accept, in respect of its LPC ordinary shares, a takeover offer CCHL intends to make for all the ordinary shares in LPC it does not already hold. CCHL currently owns 79.7% of the ordinary shares in LPC.

CCHL advises that it intends to make a full takeover offer for 100% of LPC equity securities under rule 8 of the Takeovers Code, under which CCHL will offer LPC shareholders a cash consideration of $3.95 per ordinary share.

In addition, CCHL will be seeking payment by LPC of a special dividend of 20 cents per LPC share to existing shareholders, to be fully imputed to the extent imputation credits are available.

It is expected that a formal takeover notice will be issued early next week.

Once the takeover offer process is complete, if there remain shareholders who have not accepted the offer, it is CCHL’s intention to exercise its rights under the compulsory acquisition provisions in the Takeovers Code to achieve 100% ownership of LPC and to delist LPC.

“This acquisition will enable CCHL to have greater flexibility in its relationship with LPC" said Bob Lineham, CEO of CCHL.

-Ends

About CCHL

Christchurch City Holdings Limited is the 100% owned infrastructure investment arm of Christchurch City Council. It is the majority shareholder of Orion New Zealand Limited, Christchurch International

Airport Limited, Lyttelton Port Company Limited, Enable Services Limited, City Care Limited, Red Bus Limited, and EcoCentral Limited.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news