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

 

Independent Directors Seek Offer Extension

30 October 2005

Carter Holt Harvey Independent Directors Seek Offer Extension

The Committee of Independent Directors of Carter Holt Harvey Limited has approached Rank Group Investments Limited (Rank Group) seeking an extension of the takeover offer period. A copy of the letter sent to Rank Group is attached to this notice.


EXTENSION OF OFFER TO ALLOW SHAREHOLDERS TO BE FULLY INFORMED

On 26 October, the Company announced to the market a revised 2005 profit forecast. That same day the Committee of Independent Directors advised the market that it was reviewing whether the revised 2005 forecast had implications for the Company’s longer-term cashflows and valuation.

On 28 October, the Committee of Independent Directors advised the market that it had re-engaged Grant Samuel to assess whether the revised forecast had any implications for the content of its original independent valuation report. Grant Samuel advised the Independent Directors that it was unable to complete this work before Monday, 31 October.

Rank’s offer closes on 3 November. This leaves little time between receipt of the Grant Samuel review and the close of the offer to reliably communicate to shareholders and to ensure they are fully informed. This is particularly so, as it may require a mail-out to all shareholders to ensure that they are fully informed.

In the interests of ensuring that shareholders are fully informed we request that you extend your offer period to allow sufficient time for all shareholders to be fully informed.

It would be appreciated if we could receive advice of your decision by 10.00 am on Monday 31 October.

Yours sincerely
Kerry McDonald
Director - Chairman of Committee of Independent Directors

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>>