Sharechat Logo

South Eastern looks at two acquisitions

By Chris Hutching

Friday 10th March 2000

Text too small?
South Eastern Utilities is looking at two potential acquisitions with technology prospects that may enhance its value.

SEU sold its interest in Wairarapa Electricity last year and has $64.5 million in the bank to invest or return to shareholders. For a while it looked like a return of capital to shareholders and winding up the company was most likely.

But recently the directors have become interested in the new prospects and the appointment of director Tim Saunders suggests SEU may be around for a while yet.

Managing director George Gould said the prospects being considered were unlike any of the speculative internet stocks exciting interest on the Stock Exchange.

He said SEU wanted to invest in a bricks-and-mortar company that had potential to enhance through technological development, such as internet links with suppliers.

SEU was no longer interested in the electricity sector where Mr Gould said new benefits looked likely to help consumers rather than shareholders.

For this reason it had been prepared to sell its 5% stake in Horizon Energy, even though a deal between to the two major shareholders of Horizon had been at nearly $13 a share. Other disgruntled minority shareholders who were not offered the $13 price are looking for redress.

Mr Gould said he suggested to Horizon directors minorities should be treated equally but SEU had decided to quit.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

NZ dollar rises as US-China trade, Brexit tensions ease
SkyCity shares hit 7-week low as fire encapsulates convention centre
Wrightson showcases Fruitfed Supplies as horticulture stands out
Fonterra rivals fear dairy giant will get leg up from law overhaul
Wellington Drive remains in the black as it raises operating forecast
OMV plans further maintenance at Pohokura
Sky continues sports drive with extension to netball rights
Apple's asset-shuffling puts $270m value on PowerbyProxi
Fonterra lifts payout forecast on improving global dairy prices
22nd October 2019 Morning Report

IRG See IRG research reports