POT
05/11/2012 08:38
ASSET
REL: 0838 HRS Port of Tauranga Limited (NS)
ASSET: POT: Sale of 50% Interest in C3 Limited
Following Asciano's announcement on Friday night, Port of Tauranga confirmed
today that it had initiated the sale process provided for in the C3
shareholders' agreement.
By way of non-revocable notice of buyout on 24 October 2012, Port of Tauranga
offered Asciano $70m for their 50% shareholding in C3 and under the "shootout
clause" of the agreement, Asciano have announced that they will exercise
their right to acquire the shares at that price.
Our original desire to own 100% of C3 was prompted by the company's
deteriorating financial performance and our inability as a 50% shareholder to
make the changes necessary to reverse this trend.
The loss of C3 will have little impact on our future plans and we are
pursuing opportunities that will enable us to continue our growth strategy.
End CA:00229308 For:POT Type:ASSET Time:2012-11-05 08:38:40
Price at posting:
$12.90 Sentiment: None Disclosure: Held
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