Thursday 8th July 2004 |
Text too small? |
St Laurence has gained its stake through a recent stand in the market.
St Laurence Equities says it has voted its shares against the H&G takeover offer because it believes that it will remove the prospect of shareholders being able to secure a higher price for their shares in future.
"Irrespective of the outcome of the shareholders vote on the H&G takeover offer, which sought a 50.1% stake in the REL, St Laurence is comfortable with its shareholding in REL," the company says in a statement.
Because H&G are reliant upon associated parties to secure a 50.1% stake in Rural Equities, the Takeovers Code requires a majority of shareholders (excluding H&G and their associates) to vote in favour of the partial takeover offer.
For this reason, REL shareholders were encouraged by St Laurence Equities to protect the value of their investment and vote against H&G being able to secure control of the company.
A announcement on the result of the postal vote is due tomorrow.
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens