Forum Archive Index - November 2001

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Colin,
>
>
>If I were a CEN shareholder ( and I'm not any more ) 
>
>
Sad to hear the 'Mission Boys' got to you ;-)
>
>
>and wished to
>continue to hold my parcel, against the weight of a controlling
>holder like Mission Edison........................
> 
> How well are my interests protected as a part of a 
> small minority ?
>
>
The short answer is.  Better than before the new takeover code came 
in.   According to 'Grant Samuel', all shares should now be valued 
equally for valuation purposes.   This is one of the reasons there 
was such a jump in the valuation of CEN shares in the two 'Grant 
Samuel' reports issued only months apart.

As to whether New Zealand has completely shed its 'wild west' 
sharemarket image, perhaps you might look at the behaviour of 
'Sheriff' Phil Pryke.   The independent directors have 'on balance' 
decided people should accept the Edison Mission offer, but in the 
next line asked shareholders to consider their own circumstances and 
consult their own financial adviser.  

So it looks to me as though 'Sheriff Phil' is not as free to give an 
open and shut response to this takeover proposal, being under the 
thumb of 'Big Ed'.  But if you read between the lines you should be 
better off in 3-5 years by holding on to your CEN shares.  In other 
words if you read the report carefully, and act accordingly,  your 
minority interests should be protected. SNOOPY


     
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