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- Release Date: 08/02/13 13:39
- Summary: S/HOLDER: NZR: Alert regarding Unsolicited Offer from Zero Commission
- Price Sensitive: No
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NZR
08/02/2013 11:39
S/HOLDER
REL: 1139 HRS The New Zealand Refining Company Limited
S/HOLDER: NZR: Alert regarding Unsolicited Offer from Zero Commission
Refining NZ wishes to advise that Zero Commission NZ Ltd (Zero Commission) is
making unsolicited offers to selected small shareholders in The New Zealand
Refining Company Ltd (NZR).
Zero Commission NZ Limiteds' sole director is Roy Richard Jackson, who
jointly holds shares in the company with Philip Robert Briggs.
To date, Zero Commission has:
- Formally requested a copy of The New Zealand Refining Company Ltd share
register, for shareholdings up to and including 1000 shares.
- Provided written notice that they intend to make unsolicited offer to
selected small shareholders in The New Zealand Refining Company Ltd.
- Written to some shareholders in a letter dated 8 February, offering to buy
NZR shares for $2.41 per share.
The market price of NZR shares on the NZ Stock Exchange (NZX) at the close of
trading on the 7th of February 2013 was $2.70 per share. Therefore the
offer by Zero Commissions, to small shareholders, is 11% lower than the NZX
market value of NZR shares on 7th February 2013.
Unsolicited share offers are now subject to The Securities Market
(Unsolicited Offers) Regulations 2012. These regulations require Zero
Commission to ensure that any unsolicited offer to acquire listed securities
must only be made within a clear and concise disclosure document that
outlines certain prescribed information.
The Board of Refining NZ wishes to advise shareholders that before making any
decision in relation to the offer they should:
- Read the Zero Commission disclosure document carefully and thoroughly,
- Seek independent financial advice, and
- Check the most recent market price for NZR shares.
Under The Securities Market (Unsolicited Offers) Regulations 2012
shareholders have the right to cancel any acceptance of the offer up to 10
working days after the date of the acceptance.
If shareholders need or desire further advice on this matter we suggest they
contact a financial advisor, a list of whom can be found on the Financial
Markets Authority website (http://www.fma.govt.nz/).
D.M. Jensen
Company Secretary
08/02/2013
End CA:00232757 For:NZR Type:S/HOLDER Time:2013-02-08 11:39:08