Peter Springford has resigned as CEO and managing director of CHH
It’s been a busy few days for Carter Holt Harvey, with a new takeover notice issued by Rank Group, the resignation of its CEO, and the company starting processes to be delisted from the Australian Stock Exchange. On February 3, Rank Group Investments Limited announced its intention to make a full takeover offer under the Takeovers Code to acquire all of the ordinary shares issued by
CHH that it does not own.
Head of Rank, Graeme Hart says the offer is subject to a 90 per cent acceptance and that all shareholders will receive NZ$2.75 in cash subject to the 90 per cent threshold being achieved within seven business days after the date of the offer.
“Having reached a shareholding of 85.7 per cent, Rank would prefer to complete the takeover and privitise the company as the fundamental reasons for maintaining a public company (access to equity markets and liquidity in the shares) are of no commercial value to Rank, while the costs and liabilities associated with being public remain,” says Hart.
The takeover notice coincided with the resignation of Peter Springford from the positions of CEO and managing director of CHH, effective February 3, 2006.
Chairman John Maasland says Springford made a significant and highly valued contribution to the board and to the company over the past 12 years. He will remain as an adviser to the company.
The board of CHH has also resolved to seek to have the company delisted from the Australian Stock Exchange (ASX).
The company will be discussing with ASX the steps required to complete the process. The proposed delisting from ASX will not impact the company’s on-going listing on NZX.
CHH turned a profit of $NZ130m in the 2005 calendar year, compared to the previous year’s profit of $NZ569m.
