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


Grace falls short of control for Tourism Holdings

Grace falls short of control for Tourism Holdings as offer closes

Aug. 2 (BusinessDesk) – Switzerland-based investor John Grace’s offer for control of Tourism Holdings Ltd. has closed short of his target after an independent valuation said the campervan rental company was worth more.

Acceptances “fallen short of giving Ballylinch the 50% of voting rights necessary for the offer to become unconditional,” the company said in a statement.

Grace’s Ballylinch LP investment vehicle had offered 67.5 cents a share to lift its stake to between 50.01% and 52.2%. A valuation by Simmons Corporate Finance said the company was worth 97 cents to $1.27.

The shares last traded at 68 cents, valuing the company at $66.8 million.
The board of Tourism Holdings had prodded Ballylinch to sweeten its offer but without success.

Ballylinch has a 19% stake in Tourism Holdings.


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>