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

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news