INDEPENDENT NEWS

Increase in Offer Price by AMP Property

Published: Fri 28 Oct 2005 03:08 PM
Capital Properties New Zealand Limited
Level 11, The Bayleys Building
Cnr Brandon Street & Lambton Quay
PO Box 1690, Wellington
New Zealand
28 October 2005
Increase in Offer Price by AMP Property Portfolio Investments Limited
Earlier today AMP Property Portfolio Investments Limited ("AMP Property Portfolio") announced that was increasing the consideration under its full takeover offer for Capital Properties New Zealand Limited ("Capital Properties") from NZ$1.42 to NZ$1.48 per share.
Tony Frankham, the chairman of the independent directors' committee of Capital Properties, noted that the increased price was at the very bottom of the fair value range determined by Deloitte, the independent adviser appointed by the committee to report on the merits of the offer. "Deloitte expressed the opinion that the fair value range for Capital Properties shares was $1.48 to $1.73 per share, with a mid point of $1.60", Mr Frankham said.
Mr Frankham said that the independent directors' committee would consider the revised offer and provide a further recommendation to shareholders. "In the meantime, it is not recommended that shareholders take any action in relation to this revised offer", he said.
ENDS

Next in Business, Science, and Tech

Geo40 partner with Maori on world-leading energy project
By: Geo40
EVRoam provides safe, reliable information for EV charging
By: NZTA
Customers not focus of replacement business at insurers
By: Financial Markets Authority
E tū: Nestle job losses “a bolt from the blue”
By: E Tu
New seabed mining project threatens endangered species
By: Greenpeace
Govt helping electric vehicle drivers to roam free
By: New Zealand Government
AA welcomes certainty for EV drivers with EVRoam launch
By: Automobile Association
ChargeNet Help to Launch Game-Changing EV Software
By: ChargeNet
FMA review sends important message to industry
By: Financial Services Council
RJ’s signs conditional agreement to acquire local brands
By: RJ's
Call to Reject Marine Mining in Endangered Dolphin Sanctuary
By: WWF-New Zealand
Coastline exploration permit setting dangerous precedent
By: Te Runanga o Ngaati Ruanui Trust
If the whale’s gone, the fireworks are on
By: Wellington City Council
Kiwis Would Pay More for Fish ‘n’ Chips to Save Dolphins
By: Whale and Dolphin Conservation Society
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media