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Fisher & Paykel Appliances

IRG

Tuesday 2nd October 2012

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Fisher & Paykel Appliances (NZX: FPA ):

Some FPA shareholders are calling for a meeting they say would provide an opportunity to voice their concerns about Haier's full takeover bid. Company chairman Keith Turner says such a meeting would be unprecedented and the East Tamaki-based firm has no plans to hold one. China's Haier, which already owns 20 per cent of the New Zealand manufacturer, is offering $1.20 a share for all the shares in the firm it does not already own. In the past year, Fisher & Paykel Appliances share traded as low as $0.35. Before the takeover offer it was trading around $0.71, after the takeover it surged to $1.20 level in few days.  It last traded at $1.195.

Call IRG to discuss.
 

Dorchester Pacific(NZX: DPC ) :

DPC avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, has agreed to buy debt collection company EC Credit Control for $18.5 million in cash, stock and earn-outs. The deal will be paid with 60 percent cash and 40 percent Dorchester shares, with about $8 million of the total determined by earn-outs over two years. The acquisition would contribute to profit in the second half and ensure Dorchester posts a profit of at least $1 million in the 12 months ended March 31, 2013, chief executive Paul Byrnes said. With trading continuing to improve at Dorchester Finance and its insurance business, profit in the next full financial year may be $4 million to $5 million, he said. Dorchester Pacific share last traded at $0.20, which three months ago traded around $0.09.

Call IRG to discuss.
 

Tower Limited (NZX: TWR ) :

Investors in Tower have received offers from Stock and Share Trading twice in June and again in August offering to buy their shares for between $1 and $1.30. Tower's shares were trading at around $1.56 in June and $1.76 in August. According to the insurance company 737 shareholders have sold 282,420 shares to the Australian company so far. That is likely to have netted Stock and Share Trading over $100,000. Shareholders in Rural Equities, which is listed on the Unlisted stock exchange, have also been hit three times in the last year. Tower share last traded at $1.81, which had a steady up-trend for last one year.

Call IRG to discuss.

Beware: Recently, there are several other New Zealand companies shareholders have received unsolicited offers for their shares; such as Vector Limited, Comvita Limited, Dorchester Pacific Limited etc. There are still a lot of parties seeking to take advantage of you.  Please call IRG to get our view on transactions.  This is going to be an interesting time.  Call us to discuss your requirements.

DISCLAIMER: To the extent that any of the content above constitutes advice, it is general advice that has been prepared without reference to investor’s objectives, financial situation or needs. Before acting on any advice, investors should consider the appropriateness of the advice and IRG recommend that investors should obtain appropriate financial, legal and taxation advice before making any financial investment decision. The report is based on information compiled from public information and private research. IRG have completed the report on a best endeavours basis and do not accept any liability of loss or damage. IRG suggest that clients use this as part of a decision making process and check key data before making any investment decisions.
Employees may have an interest in the securities discussed in this report.



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