Takeovers Panel explains decision

The Takeovers Panel yesterday gave its full decision on an unsuccessful complaint from an investor against Trans Tasman Properties.

After a meeting in Wellington last week to decide on the issue, the panel rejected the complaint from Latimer Holdings of Christchurch, which holds about 3 per cent of Trans Tasman.

The panel rejected Latimer's complaint that Trans Tasman had breached the Takeovers Code when it issued its target company statement on April 30, announcing that majority shareholder SEA Holdings NZ was making a full takeover bid.

The bid only resulted in SEA receiving a sprinkle of acceptances and its post-offer shareholding is now 61.217 per cent, compared with 59.972 per cent previously.

Takeovers Panel