Sharechat Logo

OIO clears two yet-to-be announced deals involving public companies

Thursday 31st May 2018

Text too small?

The Overseas Investment Office has signed off on two deals involving public market transactions that have yet to be announced, although both involved domestic law firm Bell Gully. 

The foreign investor screening unit consented to both transactions on April 24, redacted summaries of the decisions released today show. One clears a foreign investor to buy into sensitive land and significant business assets, implying a deal worth more than $100 million, by acquiring the rights or interests of up to 100 percent of the target. The second decision refers to an investor acquiring an additional 15 percent of a target. 

Both decisions had the buyer, vendor, investment details and background withheld, citing legislative protections to avoid unreasonable prejudice to the commercial position of whoever supplied the information and both saying "the decision relates to a public markets transaction that has yet to be announced". 

Among the exclusions NZX listing rules give issuers on continuous disclosure obligations for material information, are when a proposal or transaction is incomplete or still in negotiation, there's sufficient uncertainty over whether something will eventuate, or if a reasonable person wouldn't expect it to be disclosed. 

The last time the OIO withheld that much detail was in May 2016, citing a takeover that was yet to be announced. 


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares gain; a2 jumps to 12-month high as earnings outperform
NZ dollar drifts lower following early boost from rising dairy prices
Meridian positions for next generation development
Kiwibank lifts first-half net profit 47.6% amid rekindled growth
John Fellet: Came to Sky TV for 18 months, stayed 28 years
Marsden Maritime net profit down on lower cargo through Northport
Countdown supermarkets 1H earnings dip as digital investment continues
Fletcher open to re-entering high rise construction market
Power price spike put margin squeeze on NZ producers in Dec quarter, stats show
Tilt Renewables to raise A$260m of new equity

IRG See IRG research reports