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

 

Bethunes Shareholders Acquire Transport Investments

Bethunes Shareholders Approve Transport Investments Acquisition


Bethunes Investments Limited (NZX:BIL) held its special meeting of shareholders in Auckland today, with shareholders approving the acquisition of the business of Transport Investments Limited (TIL) and related transactions.

Current chairman of TIL, Jim Ramsay, said: “We are delighted to be bringing TIL to the public domain, with the support of Bethunes shareholders. This transaction secures the future of TIL as one of New Zealand’s leading domestic freight and logistics companies and we are looking forward to taking advantage of a range of genuine growth opportunities which are available to TIL”.

With effect prior to the commencement of trading on 7 December 2017, Bethunes will change its name to TIL Logistics Group Limited and its NZX ticker code to TLL.

Completion of the Transactions is expected to occur tomorrow and the existing Bethunes directors will resign and be replaced by a new board of directors with in-depth industry and governance experience comprising Jim Ramsay, Trevor Janes, Lorraine Witten, Danny Chan and Greg Kern.

The distribution of shares in BIL 2016 Limited (New BIL) to Bethunes shareholders is also expected to occur tomorrow based on the previously advised record date of 5pm, 1 December 2017. Shareholders will receive holding statements from Link Market Services Limited by the end of next week confirming their New BIL shareholdings.


Voting and Proxy Results

All resolutions set out in the notice of meeting released to NZX on 17 November 2017 were passed unanimously by a show of hands vote. Details of the votes received by proxy for today’s meeting accompany this announcement.


Transport Investments Limited (TIL)

TIL is one of the largest private domestic freight and logistics businesses in New Zealand, with a nationwide network of branches, depots and warehouses. TIL’s activities include transporting and warehousing freight throughout New Zealand and co-ordinating freight movements offshore with the assistance of international alliances. TIL also has a specialist road tanker division which is one of the largest operators in the New Zealand fuel delivery market by road tanker.


ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Enter The Samurai: Wasp Approved For Stink Bug Response

The samurai wasp, an organism new to New Zealand, can now be used to fight any invasion by the brown marmorated stink bug... The samurai wasp may only be released in New Zealand after a stink bug invasion has been detected, and only at the location of the incursion. More>>

ALSO:

Commerce Commission: Vodafone Faces Charges Over Expired Contracts

The Commission alleges that, having agreed with a customer to terminate their service part-way through the next month, Vodafone then sent an invoice that included charges for the entire next monthly billing period. More>>

ALSO:

Goat Milk: New PGP For Infant Formula

A new Primary Growth Partnership programme launched today has its sights on growing a sustainable, high value goat milk infant formula industry in New Zealand. More>>

ALSO:

Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>

ALSO:

Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>

ALSO: