Equiticorp clear for takeovers

Press, 24 August 1988, Page 39

Equiticorp clear for takeovers

The takeovers of Equiticorp Holdings, Aurora Group, Equiticorp Tasman, and Capitalcorp International can proceed, Equiticorp International, Pic, announced yesterday. All statutory and regulatory consents had been received in United Kingdom, Hong Kong, Australia, and New Zealand. The listing of Equiticorp International .shares and options had been approved by the New Zealand Stock Exchange. The listing date had yet to be confirmed, but it was expected that all requirements would be met to allow listing in New Zealand on September 1.

Listing was currently being sought on the Australian Stock Exchange.

New Zealand Stock Exchange rules required the suspension of shares five business days before takeover offers close. Equiticorp Holdings and Aurora Group shares would be suspended from August 23 to September 1. The directors of Equiticorp International proposed to issue a corporate profile to shareholders, including an opening balance sheet of the group based on audited accounts as at August 31. The profile was expected to be issued during October and would include a statement on the profit of the existing Equiticorp Holdings group during the 1988 year, together with a directors’ indication of projected 1989 profitability for Equiticorp International. A separate preliminary report of audited results for the Equiticorp financial group to June 30 was expected to be available

on September 3. The balance sheet and profit figures would include the results for finance and merchant banking operations in Australia and New Zealand.

The chairman of Equiticorp International, Mr Allan Hawkins, said the directors were pleased about the shareholders’ acceptances concerning the restructuring of Equiticorp. “The international listing of our shares should provide our shareholders with two key benefits. The restructuring simplifies and rationalises the company’s operations, which are not equally divided among New Zealand, Australia, and the rest of the world, and it provides better access to the international capital markets.” Equiticorp International’s New Zealand shareholders should benefit from the creation of a broader market for the company’s shares on stock exchanges, in addition to the New Zealand listing. • Equiticorp Holdings: the directors of Equi-

ticorp International expect that the take-over offer for Equiticorp Holdings will be declared unconditional on August 29 and the offer to close on August 31. The level of acceptances received under the takeover is projected to be 91 per cent of Equiticorp Holdings on August 29. • Aurora Group: The take-over offer for Aurora was declared unconditional yesterday with total acceptances of 92 per cent. Equiticorp will shortly compulsorily acquire the balance of Aurora shares. Equiticorp International share scrip will be posted on August 26. The Aurora offer will remain open until August 31.

• Equiticorp Tasman: The take-over offer for Equiticorp Tasman was unconditional at the time that it was mailed to shareholders, and Equiticorp International scrip was mailed to shareholders on August 15. Equiticorp International is now entitled to 92 per cent of the shares of Equiticorp Tasman, representing 75 per cent of shareholder acceptances. The offer will remain open until August 31.

• Capitalcorp International: The offer document, containing full details of the terms of the offers announced on June 20 for Capitalcorp, is being prepared and will be posted soon. When the offer for Equiticorp Holdings is declared unconditional, the offer for Capitalcorp will only be conditional on listing being granted on either the New Zealand, Australia, or Hong Kong Stock Exchanges.