White Haven offer

Press, 2 March 1981, Page 20

White Haven offer

PA ; .. Auckland U n H a t e d White Haven Holdings, Ltd's formal take* over offer at par (25c a share) for Naw Zealand Land Securities, Ltd, .was mailed to shareholders on Thursday, along with an Independent report valuing the company’s spares at 18c. The Whiteftaven directors said that they, had received no acceptanccs-W -from 2600 nz Land . Securities shareholders holding 47 per cept of the issued capital. The company has called for aeceptnces by March 31 for the1,274,15$ shares not tontro 1 lad :by NZ Land/WhiteHaven: directors, Mr 3. L. Martin and Mr R. G, Solomon, and a Welling* ton .sharebroker.-Mt B, 6. Buxton, • - - The offer Is conditional on aeeoßtafices for Oo per cent of the issued shares.' The three WhlteHaven directors already hold sufficient shares according to the take* over terms to declare the offer unconditional but have set July St as the latest date on which this could be done. Beneficial shareholdings of directors in NZ Land M 6 disclosed as Mr Maftifi 315, 300, Mr Solomon 516,500, Mr C. A. Pearson 14,500 and chairman Sir Hamilton Mitchell 6300. Sir Hamilton says if th 6 offer proceeds all employees of-Nz Land . Will be invited tdCdntlnuft under WhiUHa : ven and he and Mr Pearson will resign as directors. He saysthe capital value of land and buildings of Nz Land' accoridng to latest Government valuations is $1,594,700. This would be a reduction on the figures in the company’s 1980 accounts, When thC book value was assessed at $1,967,227 for the group,!

baseWofli'> aift> independent registered vacation, - - ■ - ,7m; WfccMludra if thw tlme. Assessed the market value of land ahd: ; buildings as- -:a>. going ' cbWh>. at $2,380,600. ’ , Aft dndpendent valuation report •by Auckland tdrtd/Wftilhtant Mr Ar.'N, Frankham - attaehed. to th® takeover document does not damn th®7 realty s vatu®, but gayki Valuation-of the com* pany’s Wres afl&s was; oft tM wlsi of the value/ oMet assets, 7-' /.■ ■ ■ * .Thia involved & "notional iiauldation" calculation valui Ing th® shares after llqulda* tien expenses u . rather than the asset®,: and* produced a net asset value of shares at 16,60, ■ .■7:7;--7.^. / ' ; ;' Tax;- losses avallabl® In thisj'oase to be carried forward and offset .against tut* ure profits would add up Ip 3c to the share value. . - - Mr Trankham said .that .aft earnings valuation, based; on eapitansatlbn ■ of. Juture maintainable 7 dividends, ywld give only a nominal speculative value considerably less than an assets valuation. „ , ~ . „ :7NZ Land has a hlgh/iow for the last 12 months trading of 30c/16c. it recently announced its first profit for three years of $32,200 for the December 31 half, with no dividend. Explaining reasons for the take-over, th® White Haven directors say it Is no longer appropriate for nz Land to continue as a public-listed company and the cost of servicing 2606 shareholders with an average $l3O holding is disproportionate to the operating baS® of the company. I White Haven was a. private company with 300,000 100 c 'shares divided between three (directors.