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

 

City Forests Limited

Tue, 21 Sep 2004

City Forests Limited

21 September 2004: City Forests Limited welcomes the move by the NZX to review the exemption that shelters listed Group Investment Funds, such as Opio Forestry Fund, from rigorous disclosure obligations.

The review may prompt the NZX to refer the appropriateness of the exemption to the Securities Commission.

Any changes, however, will come too late for City Forests, which has experienced considerable frustration since launching its 85c a unit takeover offer on 3 August 2004. One of the key issues currently in dispute is access to the Opio register of unitholders.

Opio's Trustee, Perpetual Trust, is denying City Forests direct access to the Opio register, an action City Forests believes is not in the best interests of unitholders.

The chief executive of City Forests, Phil Taylor, said: "We are firmly of the view that the Trustee's actions amounts to interference. Unitholders are entitled to receive the best information about the offer and the Trustee is simply standing in the way."

While this dispute continues, City Forests last week successfully removed a block that had prevented it from being able to identify those who had accepted its offer. It now has assurances from both Comptershare and the Trustee that the names of those who have accepted will be disclosed.

"Not knowing who had accepted had been a significant impediment to our takeover process," Mr Taylor said.

"So far we have received acceptances from 197 unitholders for 5,649,672 units representing 37.8% of the total units on issue. It is very encouraging that this acceptance figure includes seven out of the top 10 unitholders."

City Forests' 85c per unit cash offer is conditional on achieving at least 75% acceptance. In the event that this offer was to expire unsuccessfully on 8 October 2004 it is likely that Opio's unit price will trade back to historic levels - Opio's unit price has traded within the range of 44-60 cents over the previous three years.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>