Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

EVIC NZ’s offer for VINZ Closes With 100 Percent Acceptance


JEVIC NZ’s offer for VINZ Closes With 100 Percent Acceptance

Full takeover offer now unconditional

14 February 2013 – Auckland, New Zealand – JEVIC NZ today announced that it has now received acceptances representing 100 percent of the total shares in Vehicle Inspection New Zealand Limited (VINZ). The Offer closed at 5:00 pm yesterday, and all acceptances were received by that time.

The offer for all of the shares in VINZ in is now unconditional with respect to each of the conditions recorded in the Offer Document. JEVIC NZ Limited has satisfied conditions (i), (ii), (iii) and (ix) and waived conditions (iv), (v), (vi), (vii) and (viii).

Share purchase payment will be made to VINZ shareholders on 21 February.

“We are delighted to have secured acceptances from all shareholders for our increased offer,” said Euan Philpot, JEVIC NZ’s Chief Executive. “That our offer received unanimous support shows we enjoy a high level of goodwill carried through the transaction. And it will help streamline the remainder of the offer process, as we do not need to compulsorily acquire any outstanding shares.

“We have already started working with the outgoing Board to ensure a smooth transition and we look forward to sitting down with VINZ senior management team to better understand the totality of VINZ business, function-by-function and location-by-location, and to identify potential synergies throughout the inspection supply chain.”

--

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

About VINZ

VINZ inspects, tests and certifies new and used vehicles to ensure they comply with New Zealand regulations. Its services include Warrant of Fitness and Certificate of Fitness testing (for commercial vehicles), vehicle appraisals and inspections, exhaust emission testing, driver and vehicle licensing, and road user charge collection. As an authorised Transport Service Delivery Agent, VINZ completes entry certification on the New Zealand Transport Agency’s behalf for approximately 40 percent of vehicles entering the New Zealand fleet. Its shares are traded on the Unlisted platform.

About JEVIC NZ

JEVIC NZ, part of the JEVIC group of companies, is an approved Ministry for Primary Industries operator for the Pre-Shipment Inspection Programme in Japan and the United Kingdom and has been involved in pre-shipment inspections, verifications and certification of used vehicles entering New Zealand since 2003. The company is New Zealand’s largest biosecurity vehicle inspectorate with approximately 85 percent market share. It is authorised by the New Zealand Transport Agency as a Border Inspection Organisation. JEVIC NZ also provides vehicle inspection services to exporters, importers, shipping lines and logistic chain suppliers. For more information please visit www.jevic.co.nz.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.