PDL appraisal highlights Schneider premium

The report says the current value for the shares in the Christchurch-based company is in a range between $6.60 and $7.18. That compares to the $12 per share paid to the Stewart family for their 60% stake.

French electrical group Schneider has control of PDL with 98.1% of the company's stock, leaving around 350 remaining shareholders with just under 260,000 shares.

Appraisers Horwath Porter Wigglesworth say they expect that a fair value for the remaining shares would lie towards the top end of their given range.

In a letter to the remaining shareholders Schneider says it will pay $10 per share to compulsorily acquire the rest of the stock.

"We observe that this consideration equates to the highest price paid by Schneider on-market for PDL's shares," the report says.

"As this is greater than the range of values which we have determined for the remaining shares, the consideration to be paid by Schneider to the remaining shareholders is therefore fair."

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.