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24 May 2004
The Takeovers Panel met on Thursday 20 May 2004 to consider a complaint from Latimer Holdings Limited relating to Trans Tasman Properties Limited.
The complaint was 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 did 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.
The Panel determined that it was satisfied that Trans Tasman Properties Limited's target company statement did comply with the Code in this respect.
Because the takeover offer from SEA Holdings New Zealand Limited closed on 20 May 2004, the Panel decided to publish its decision on the matter in a press release issued on that day.
The Panel's full determination is now available at www.takeovers.govt.nz.