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

 

Open Letter from Amp Property Portfolio

21 October 2005

Open Letter from Amp Property Portfolio

Capital Properties New Zealand Limited (“Capital Properties”) today released an open letter it had received from AMP Property Portfolio Investments Limited (“AMP Property Portfolio”).

Tony Frankham, Chairman of the Capital Properties Independent Directors’ Committee, said that the letter had been released to ensure that all parties had access to the material in the letter.

In response to the letter Mr Frankham said that the Capital Properties Independent Directors Committee is satisfied that the Target Company Statement and the Independent Advisers report contain the material information shareholders require to assess the takeover offer from AMP Property Portfolio Investments Limited

AMP Property Portfolio is offering $1.42 for each Capital Property share. Deloitte, the Independent Adviser approved by the Takeovers Panel, assessed that the $1.42 a share offer was not fair to shareholders and was below the fair value range of $1.48 to $1.73 a share. The Capital Properties Independent Directors Committee has recommended that shareholders not accept the offer.

Mr Frankham said that the company would prepare a response to the material in the AMP Property Portfolio letter next week. “In the meantime the Independent Directors of Capital Properties confirm their advice to shareholders to not accept the $1.42 per share offer from AMP Property Portfolio”.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... 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>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>