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

 

Board Announce Timetable For Review

25 November 2005

Capital Properties Board Announce Timetable For Review

The new board of Capital Properties New Zealand Limited today announced the programme for a review of the Capital Properties business following the takeover by AMP Property Portfolio Investments Limited.

The review was foreshadowed in AMP Property Portfolio's offer document which indicated that, if the offer became unconditional, AMP Property Portfolio would seek majority representation on the Capital Properties board and support the Capital Properties board in conducting a rigorous review of the existing assets, operations, policies (including distribution policies) and capital structure of Capital Properties.

As at 23 November 2005, AMP Property Portfolio had received acceptances which would give it 71.6% of the voting rights in Capital Properties.

Newly elected chairman of the Capital Properties board, Murray Gribben said, "The board has committed to completing this review during December 2005. No dividends will be paid pending the announcement of the outcome of the review. The outcome of the review, including future dividend policy, will be announced before the end of January 2006."

The board of Capital Properties now comprises existing directors Murray Gribben, Michael Cashin and James Ogden, newly appointed director Rob Morrison and one other director yet to be named. Mr Gribben is Head of Alternative Assets for AMP Capital Investors (New Zealand) Limited and a non-independent director. He joined the board in July 2005 following his nomination to the board by AMP Property Portfolio. Mr Cashin and Mr Ogden continue as independent directors and comprise the Independent Directors' Committee for the purposes of the AMP Property Portfolio offer. The new non-independent director on the board is Rob Morrison, Director of Asian Investments, AMP Capital Investors Australia, who has been nominated by AMP Property Portfolio. Rob Morrison's appointment is subject to final confirmation.

Stephen Costley, General Manager of AMP NZ Property Fund (the owner of AMP Property Portfolio), was originally proposed as a new Capital Properties board member. However as Mr Costley will continue to manage AMP Property Portfolio, Mr Costley has decided not to proceed with being a director of Capital Properties.

AMP Property Portfolio's Offer has been extended and declared unconditional, and now closes at 11.59pm on 1 December 2005. Shareholders who accepted the offer by the initial closing date of 16 November 2005 should have now received the $1.48 per share offer price.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

Real Estate: House Price Growth Rates In Hawke’s Bay Skyrocket Ahead Of Rest Of New Zealand

Hawke’s Bay is leading the property ‘pack’ proving a post lockdown land of milk and money, continuing to outstrip the rest of the country with the highest annual growth rate in house price values. But experts warn an overheated market is fast ... 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>>