By Nicholas Bryant
Friday 24th November 2000 |
Text too small? |
SAM MALING |
Some believe the $1.07 a share offer from Pyne Gould Corporation shortchanges them.~TITLE>
Pyne Gould, a rural services company, owns 50.2% of South Eastern Utilities and has offered to buy the remaining 49.7% for 2c less the stock's fair net-tangible-asset value which is expected to be about $1.09 a share when the offer closes on or about January 16.~TITLE>
It would be a $600,000 discount for Pyne Gould.~TITLE>
South Eastern Utilities (SEU) has been a cash shell since selling its Wairarapa electricity assets in March 1999 with total cash reserves of nearly $68 million. ~TITLE>
SEU directors publicly announced in September they had identified three investment "possibilities" and were due to make an announcement soon. ~TITLE>
The company had also indicated that if no suitable investments were found, the money would be returned to shareholders.~TITLE>
Pyne Gould Corporation chairman Sam Maling said despite some good criteria SEU simply was not able to find a suitable option and his company had always said its investment in SEU was under review.~TITLE>
"This is not a backdoor listing for Pyne Gould Corporation. We are merely considering our options at the moment," Mr Maling said.~TITLE>
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