Port of Tauranga is one the latest companies that looks set to be the the target of low ball offers from companies associated with businessman Bernard Whimp.
Air New Zealand Ltd, Port of Tauranga Ltd and Auckland International Airport Ltd said in a joint statement they received requests for their shareholderlists last week. While they had legal obligations to provide the lists, they were committed to safeguarding their investors' interests, and would take any measures available to do this.
Limited partnerships associated with Whimp have made unsolicited offers in letters to shareholders of Contact Energy, DNZ Property, Guinness Peat Group, TrustPower, Vector and Fletcher Building. Before making the offers they sought shareholder lists.
The offers have been condemned by boards and shareholder groups as trickery as they offer more than the market price, but the amount is payable over 10 years and dividends are forgone, making their value below current market value. Mr Whimp's position is that the offers are not misleading. The Law Society has urged shareholders to bin the offers.
The High Court this week granted interim injunctions to stop shares being transferred to limited partnerships associated with Mr Whimp. A hearing will take pace on May 9 when the court will determine whether the offers are misleading.
The injunctions were sought by the Securities Commission, which has also ordered corrections of the offers.
