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

 

AMP Property Portfolio extends offer period

7 October 2005

AMP Property Portfolio obtains Overseas Investment Office consent, extends offer period

AMP Property Portfolio Investments Limited (AMP Property Portfolio) today announced that it has received Overseas Investment Act (OIA) consent for its offer (Offer) for all of the ordinary shares in Capital Properties New Zealand Limited CNZ) not already held by us.

The Offer is for $1.42 cash per share, and opened on 30 September. The Offer is now only subject to the minimum acceptance condition—APP holding or controlling more than 50% of Capital Properties’ voting rights—and the other conditions in the Offer document.

“Now that the Offer has OIA consent, it’s a simple conditional cash offer,” said Stephen Costley, General Manager, AMP Property Portfolio.

“Accepting shareholders will receive payment for their shares no more than seven days after the Offer becomes unconditional, or no more than seven days after accepting if the Offer has already become unconditional.”

In response to Capital Properties’ advice that its target company statement will not be available until about 14 October, which is just over two weeks before the Offer is currently scheduled to close, AMP Property Portfolio also announced today that it is extending the Offer period by nine days. This will allow Capital Properties’ shareholders more time to fully consider all relevant information, including the Capital Properties’ target company statement.

The Offer will now close at 11.59pm on 9 November 2005.

“Extending the Offer by nine days will give shareholders more time to assess Capital Properties’ advice and information when it is released, and to consider the merits of the Offer,” said Mr. Costley.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>


OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>