Sharechat Logo

Bapcor sweeps out Hellaby boardroom after securing control

Monday 23rd January 2017

Text too small?

ASX-listed auto firm Bapcor has installed four new directors at Hellaby Holdings after securing control of the New Zealand firm. 

Bapcor chief executive Darryl Abotomey will assume Hellaby's chair, and the Australian company has appointed chief financial officer Gregory Fox, general manager of strategic business development Matthew Cooper, and independent director Margaret Haseltine to the board, Hellaby said in a statement to the NZX.

Hellaby directors Mark Cowsill, Gary Mollard and James Sclater resigned effective immediately, while past-chairman Steve Smith and Paul Byrnes will stay on as independent directors until the takeover closes, "at which time Hellaby’s board membership and structure will be reviewed," it said. Managing director Alan Clarke will keep his role to help with the change of ownership. 

Bapcor has said it plans to sell Hellaby's equipment, resources and footwear businesses, using the remaining automotive division as a foothold in the New Zealand market, where car sales have been hitting record levels over the last three years due to a rapid increase in population and fast growing economy.

Last week Hellaby's independent directors said they supported the takeover, having previously argued that it undervalued the company, after Bapcor declared its $3.60-per-share offer unconditional. The offer closes on Feb. 7, and Bapcor has received acceptances for 78.4 percent of Hellaby's shares. If it reaches 90 percent it will be able to enforce mop-up provisions under the Takeovers Code meaning hold-out shareholders will have to sell. 

Hellaby shares last traded at $3.58, while Bapcor's ASX-listed stock was recently down 0.9 percent to A$5.49. 

 

BusinessDesk.co.nz

  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 First urged to block exploration ban
Net migration falls as growing number of migrants pack their bags
Ebos tightens grip on Australian chain
October 19th Morning Report
NZ dollar falls vs yen; investors seek haven in heightened volatility
English upbeat about NZ economy, points to headwinds
MARKET CLOSE: NZ shares mixed; Restaurant Brands soars on takeover talk
Legislate capital gains tax before election or risk 'mischief', Cullen says
NZ dollar falls vs Aussie on lower jobless rate across the Tasman
Imported coal needed to keep the lights on in NZ

IRG See IRG research reports