LPC Response to CCHL Full Takeover Offer for LPC
01 September 2014
LPC Response to CCHL Full Takeover Offer for LPC (“Offer”)
The Board of Lyttelton Port of Christchurch (LPC) met today to consider the Independent Adviser's Report prepared by Northington Partners on the merits of the Offer by Christchurch City Holdings Limited (CCHL) and to finalise the Target Company Statement and Directors' recommendation to shareholders in respect of the Offer.
The Board has unanimously resolved to recommend to shareholders that they accept the Offer.
The Board has also resolved to pay a fully imputed special dividend of $0.20 cents per share on 18 September 2014, provided that the conditions in clause 5.1 of the Offer (being all conditions other than the Dividend Condition and the 90% Acceptance Condition) have been satisfied or waived by CCHL on or before 5pm 17 September 2014. The Record Date for the dividend is 16 September 2014.
The Board expects to despatch the Target Company Statement and Independent Adviser's Report to shareholders on 3 September 2014.
The Board urges shareholders to do nothing in respect of the Offer until they receive the Target Company Statement (including the Board's full recommendation) and the Independent Adviser's Report.
Note: No further comment will be made on this matter until further content has been distributed to shareholders later this week.