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

Petrol pushes annual inflation to 1.9 percent
By: Statistics New Zealand
New Zealand tops list of most-scammed countries
By: Microsoft New Zealand
Compliance files to undergo urgent review
By: New Zealand Government
Vector settles with ComCom on reliability breaches
By: BusinessDesk
Construction costs, rents, and rates rise
By: Statistics New Zealand
NZ dollar gains as rising inflation may create tension
By: BusinessDesk
NZ 3Q inflation higher than expected but driven by one-offs
By: BusinessDesk
Stronger-than-expected inflation could spur a rethink
By: BusinessDesk
Fuel tax, low dollar, bad policies hike living costs
By: New Zealand National Party
Self-regulation of vehicle inspection and licence failed
By: BusinessDesk
Action underway as NZTA compliance investigation progresses
By: NZTA
NZTA getting tough on enforcement
By: NZTA
Commission files proceedings against Vector
By: Commerce Commission
Vector And Commerce Commission to Settle
By: Vector
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media