Published 7 March 2006
Holders of 1.37% of Trans Tasman Properties Ltd shares indicated in January they wanted to be bought out under the minority buyout provision as part of the company’s restructure, but when it came to the transaction holders of only 0.76% took part.
When the minority buyout numbers were announced on 24 January, Trans Tasman chairman Don Fletcher said 22 shareholders holding 22.14 million shares had sought to exercise minority buyout rights. In response, the company set a price of 45.06c/share at which it would buy them out.
When the acquisition was completed, however, only 1.18 million shares were bought. The offer price was set at the weighted average trading price for the month before 28 September, when Trans Tasman announced the restructure under which it set up Asian Growth Properties Ltd as a new stock listed on the London AIM market. The share price has been stuck on 45c for the past fortnight.
24 January 2006: Trans Tasman prices minority buyout at 45.06c
Attribution: Company statement, story written by Bob Dey for this website.