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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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