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

 

Tranz Rail responds to Toll comments


Tranz Rail responds to Toll comments

Auckland, New Zealand- Tranz Rail Holdings Limited {NZX: TRH}

In response to media comments attributed to Toll Holdings Managing Director Paul Little, Tranz Rail can confirm that there have been limited discussions with Toll Holdings regarding improvements they could make to their offer to make it more acceptable to Directors and shareholders.

The Tranz Rail board wants to reconfirm their recommendation that shareholders not accept Toll Offer in its current form.

Board Chairman Wayne Walden says, Tranz Rail understands the reasons why Toll needed to extend its offer and wants to emphasise that an extended offer period has no impact on the company's financial stability.

"The company's forward cash flow estimates, which are regularly updated, will see us through the seasonal lows and are currently tracking ahead of our forecasts.

"The Board of Tranz Rail is disappointed that Mr. Little has once again made misleading statements about the company's viability and near term prospects and can only assume that this is to generate momentum for their bid.

"The company is seeing the year on year benefits of its operational improvement strategy. On time arrivals for July 2003 was 84% up from 77% in July 2002. Volume on the network, has also shown a 3.3% uplift over the same period last year with an increase of 9% in the service sensitive Intermodal Traffic.

"The Board will continue to review any changes to the Toll Offer or any alternative offers with the best interests of shareholders in mind," says Mr Walden.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO: