Press Release – Vehicle Inspection New Zealand
VINZ Board reaffirms interim ‘don’t sell’ notice to shareholders, labeling JEVIC offer opportunistic Takeovers Panel currently reviewing Independent Advisers Report and Directors Recommendations before public dissemination
FOR IMMEDIATE RELEASE
VINZ Board reaffirms interim ‘don’t sell’ notice to shareholders, labeling JEVIC offer ‘opportunistic’
Takeovers Panel currently reviewing Independent Adviser’s Report and Directors’ Recommendations before public dissemination
AUCKLAND, 17 January 2013 – Vehicle Inspection New Zealand Ltd has today announced that its Board reaffirms its interim ‘don’t sell’ notice to shareholders who are considering the current takeover offer made by JEVIC New Zealand Ltd of $1.65 per share.
Ken Worsley, Chairman of the VINZ Board, says “An Independent Adviser’s Report on the JEVIC offer has been prepared. Both this document and the Board’s response and recommendation to shareholders have been sent to the Takeovers Panel for review before they can be made public.
“Once the Takeovers Panel has vetted these vital documents, we will dispatch them to shareholders. We will do that as soon as possible and, in any event, by no later than Wednesday 23 January. It is critical that shareholders make an informed decision. We strongly urge them to wait until they have read our full recommendations and the Independent Adviser’s Report before they decide on the JEVIC offer.”
In addition, Mr Worsley reminds shareholders that the company’s significant cash reserves alone value VINZ at a minimum of $1.27 per share before considering other factors which will be covered fully in the Report and the Board’s recommendations.
“It is the view of the Board that the current JEVIC offer is opportunistic in that it takes advantage of perceived uncertainty caused by the current Vehicle Licensing Review process,” he says.
Mr Worsley reiterates the Board’s interim ‘don’t sell’ notice to shareholders until they have received and read the Report and recommendations.
As part of a long term partnership with Government via the New Zealand Transport Agency (NZTA), VINZ inspects, tests, and certifies new and used vehicles to ensure they comply with safety and environmental protection regulations. The company’s services meet the needs of an essential and permanent part of road transport legislation, including Warrant of Fitness (WOF) and Certificate of Fitness testing (COF for commercial vehicles), vehicle appraisals and inspections, exhaust emission testing, driver and vehicle licensing, and road user charge collection.