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

 

LPC Response to CCHL Full Takeover Offer for LPC

01 September 2014

NZX RELEASE

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.

ENDS

Note: No further comment will be made on this matter until further content has been distributed to shareholders later this week.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Petya: New Ransomware Campaign Hits Worldwide

A new ransomware campaign known as Petya is affecting computer networks using Microsoft Windows. It was first seen affecting systems in the Ukraine, but is quickly spreading across other computer networks in Europe. More>>

ALSO:

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>