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

 

Offer For AAPT Shares Closed

Telecom Corporation of New Zealand Limited's wholly owned subsidiary, TCNZ Australia Investments Pty Limited ("TNZ Australia") today announced that its takeover offer to acquire shares in AAPT Limited at $7.25 per share has closed.

At the close of the bid, TNZ Australia has relevant interests in 99.15% of AAPT shares.

TNZ Australia will today commence the compulsory acquisition process to acquire the shares of AAPT shareholders who did not accept the offer.

Trading in AAPT shares on the Australian Stock Exchange is expected to be suspended at the close of trading on 6 November 2000, with removal of AAPT from the official list of the Exchange expected to occur on 9 November 2000.

The compulsory acquisition of AAPT shares is expected to be completed within four to six weeks from today. Shares will be acquired on the same terms as the takeover bid.

AAPT shareholders who accepted the offer by the closing date of 28 October 2000 will receive payment as follows:

(a) shareholders who accepted the offer on or before 20 October 2000 (and who provided any necessary transfer documents with the acceptance) have already been sent payment for their AAPT shares;

(b) shareholders whose acceptances were received after 20 October but before the closing date (who have provided any necessary transfer documents with the acceptance) will be sent payment for their shares within five business days after the date their acceptance was received.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>