Scoop has an Ethical Paywall
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
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
