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


Hanover only received Allied Farmers Proposal

25 November 2009

For immediate release

Hanover only received Allied Farmers Proposal

Hanover today confirmed it had only received the Allied Farmers Proposal for Hanover and United Finance investors. We have not received an offer from any other party.

Chairman, David Henry, said that Allied Farmers has done extensive due diligence investigations, and that Hanover was committed to take the Allied Farmers Proposal to Hanover investors, at meetings of investors to be held in Auckland at 10.30am on 16th December. The merits of the proposal have been evaluated in an independent expert report produced for investors by Grant Samuel, which is to be sent to investors with formal notices of meeting and explanatory materials approved by trustees. These materials will be sent to investors by early next week.

"We believe the Allied Proposal to be a serious and credible Proposal, worthy of investor consideration.”

"We have no knowledge of any other interested party, and we will not speculate on media commentary," he said.

"We are aware of some other interest in the past few days, but we now understand this is not going to proceed in a formal offer. Instead, we understand this party may look to take a position with Allied Farmers if the vote is successful.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>