Takeovers Panel to Meet Over Partial Takeover Offer

Press Release – Takeovers Panel

The Takeovers Panel received and considered a formal request from Radius Residential Care Limited (RRCL) and Robert Wayne Kent (Kent) to convene a meeting under section 32 of the Takeovers Act to inquire into allegations against parties …
Takeovers Panel to Meet Over Partial Takeover Offer for Radius Properties

The Takeovers Panel received and considered a formal request from Radius Residential Care Limited (“RRCL”) and Robert Wayne Kent (“Kent”) to convene a meeting under section 32 of the Takeovers Act to inquire into allegations against parties involved in the partial offer by Montagu Investment Holdings Limited (“Montagu”) for Radius Properties Limited (“RPL”).

The Panel considers that there may have been contraventions of the Code in respect of two of the allegations made by RRCL and Kent relating to rule 64 of the Takeovers Code (rule 64 prohibits misleading or deceptive conduct in relation to transactions regulated by the Code):

• RPL and/or the directors of RPL may not have acted in compliance with rule 64 of the Code by failing to disclose to RPL shareholders information about a potential offer by RRCL to purchase the assets of RPL; and

• Montagu and/or the directors of Montagu may not have acted in compliance with rule 64 of the Code by failing to disclose to RPL shareholders information about a potential offer by RRCL to purchase the assets of RPL.

The Panel will hold a meeting for the purposes of determining whether to exercise its powers under section 32 of the Takeovers Act in respect of those two allegations. The meeting will be held in the Hauraki Room at the Langham Hotel, 83 Symonds Street, Auckland, on Friday, 1 March 2013. The meeting will be a private meeting.

Further details are available on the Panel’s website at www.takeovers.govt.nz.
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