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

 


Augusta Capital files High Court action

Monday 28 November 2016 04:55 PM

Augusta Capital files High Court action to force NPT shareholder meeting on hostile bid

By Fiona Rotherham

Nov. 28 (BusinessDesk) - Augusta Capital has filed High Court proceedings seeking orders requiring listed property investor NPT to call a meeting of shareholders to discuss its hostile bid.

NPT has already notified the market that it will call a meeting in February 2017 to consider, among other matters, the Augusta proposal, and will advise the court to this effect, it said in a statement.

Augusta is attempting to oust NPT chairman John Anderson and directors Jim Sherwin and Tony Sewell, replacing them with its own chairman Paul Duffy and independents Bruce Cotterill and Allen Bollard. It’s seeking a shareholder meeting to vote on the board and use the forum to propose buying three buildings worth $329 million so Augusta could buy the management contract.

NPT said it has received four substantive proposals regarding the company’s future, including Augusta’s one, and has commissioned Northington Partners to make an independent assessment of them.

To allow sufficient time for this review, and taking into account the Christmas holiday break, the board considered the proposed timetable is fair and reasonable.

“The board is concerned that Augusta is trying to play a fast game in an attempt to hurry the process in its own interests,” said Anderson.

He said shareholders and interested parties should consider Augusta’s likely motives in trying to effect board changes so it would hold the majority of board seats ahead of consideration of its own proposal to assume management control.

August took a 9.3 percent stake in NPT in September in a deal with the Accident Compensation Corp, buying shares at 73 cents, above the then market price of 64 cents. NPT shares are currently trading at 65 cents.

(BusinessDesk)

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news