GPG wants Trans Tasman liquidated

By Phil Boeyen, ShareChat Business News Editor

Tuesday 23rd April 2002

Guinness Peat Group (NZSE: GPG) is proposing that property company Trans Tasman Properties (NZSE: TTP) be put into liquidation.

The proposal is being made through GPG subsidiary company Ithaca (Custodians) Limited, which has a 2.9% stake in TTP.

The property company says that Ithaca has issued notice for a special resolution to be put to members at the annual shareholders meeting in Wellington on May 20.

"Trans Tasman advises that in accordance with the provisions of the Companies Act 1993, notice of the special resolution will be forwarded for the consideration of all shareholders next week.

"For a special resolution to be passed, a 75% majority of all eligible shareholders voting in favour of the resolution is required."

Ithaca is proposing that GPG directors Tony Gibbs and Gary Weiss be appointed as liquidators.

"Shareholders can expect to receive an explanatory statement from Ithaca as to its reasons for proposing the resolution. Ithaca is going to send this statement under separate cover to shareholders," says TTP.

"As the majority shareholder, SEA Holdings Ltd's vote on this matter will dictate the outcome of the special resolution."

Trans Tasman directors says they are seeking SEA's view on the resolution and are looking to have that view conveyed to the market immediately to "remove any uncertainty that may be created in the market by the announcement of the Ithaca resolution."

As at the end of December 2001 the company's total assets, including cash, stood at $1.112 billion.

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