News Release
20 May 2004
Takeovers Panel Rejects Latimer Holdings Limited’s complaint concerning Trans Tasman Properties Limited
The Takeovers Panel met on Thursday 20 May 2004 to consider a complaint from Latimer Holdings Limited that the target
company statement issued by Trans Tasman Properties Limited on 30 April 2004 in response to a takeover offer from SEA
Holdings New Zealand Limited does not comply with the Takeovers Code in respect to the disclosure requirements under
clause 20 of Schedule 2 of the Code. That clause is concerned with disclosure of asset valuations in certain
circumstances.
Representatives of Trans Tasman Properties Limited, Latimer Holdings Limited, and SEA Holdings Limited, a majority
shareholder of Trans Tasman Properties Limited attended the meeting.
The Panel determined that it was satisfied that Trans Tasman Properties Limited’s target company statement complied with
the requirement of clause 20 of Schedule 2 of the Code.
The Panel noted that the takeover offer from SEA Holdings New Zealand Limited closes on 20 May 2004. As a result it
decided to announce its decision on the matter immediately. The Panel’s full determination, conveying its reasons for
the decision, will be released as soon as possible.
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