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

 


Tegel: Chicken Prices On The Rise But It’s Still The Favourite Protein For Kiwi Families

A combination of domestic and international factors is forcing New Zealand’s largest poultry supplier Tegel to raise its prices from July. The roughly 10% price rise is a result of ongoing cost pressures on the industry, including increases in labour... More>>

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>



Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>


MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>