Chris Hutching
Friday 23rd January 2004 |
Text too small? |
Before Christmas Ngai Tahu had 88.3%, just shy of the 90% compulsory takeover level. But to force the takeover at 90c, Ngai Tahu must achieve acceptances for at least half the outstanding shares according to takeover rules, which means they must reach 94.1%.
Minority shareholder Anthony Kandziora, of Auckland, acknowledged he had placed buying orders in recent days lifting the price to $1.04 a share and swelling his holding to more than 750,000 shares.
Other minority shareholders were intensely interested in discovering Kandziora's plans, with some of them fearful he might be a Ngai Tahu stooge because he has used the same broker as Ngai Tahu.
But Kandziora told The National Business Review yesterday he was buying because he valued the company considerably higher than the Ngai Tahu offer price.
Just before Christmas, the independent directors commissioned a valuation repor. It places the value in the 97c to $1.10 range and independent director David Stock has advised shareholders to seriously consider selling at the mid-point of the range, about $1.03. (One shareholder values the company at $1.20 a share.)
Minority shareholders are also puzzled by the silence from Ngai Tahu about progress in obtaining acceptances, with the last communication from the company in mid-December.
No comments yet
Devon Funds Morning Note - 06 May 2024
EROAD FY24 Results and Webinar Details
thl reduces FY24 NPAT guidance
May 6th Morning Report
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change