LPC
01/08/2014 15:04
TAKEOVER
REL: 1504 HRS Lyttelton Port Company Limited (NS)
TAKEOVER: LPC: CCHL enters Lock Up Agreement - Takeover Offer for LPC
1 August 2014
COMPANY ANNOUNCEMENT
CHRISTCHURCH CITY HOLDINGS LIMITED ENTERS LOCK-UP AGREEMENT AHEAD OF TAKEOVER
OFFER FOR LYTTELTON PORT COMPANY LIMITED
Christchurch City Holdings Limited (CCHL) today announced it has entered into
a lock-up agreement with Port Otago Limited (Port Otago), a 15.48%
shareholder in Lyttelton Port Company Limited (LPC). Port Otago has agreed
to accept, in respect of its LPC ordinary shares, a takeover offer CCHL
intends to make for all the ordinary shares in LPC it does not already hold.
CCHL currently owns 79.57% of the ordinary shares in LPC.
CCHL advises that it intends to make a full takeover offer for 100% of LPC
equity securities under rule 8 of the Takeovers Code, under which CCHL will
offer LPC shareholders a cash consideration of $3.95 per ordinary share.
In addition, CCHL will be seeking payment by LPC of a special dividend of 20
cents per LPC share to existing shareholders, to be fully imputed to the
extent imputation credits are available.
It is expected that a formal takeover notice will be issued early next week.
Once the takeover offer process is complete, if there remain shareholders who
have not accepted the offer, it is CCHL's intention to exercise its rights
under the compulsory acquisition provisions in the Takeovers Code to achieve
100% ownership of LPC and to delist LPC.
"This acquisition will enable CCHL to have greater flexibility in its
relationship with LPC" said Bob Lineham, CEO of CCHL.
-Ends-
Media contact:
Bob Lineham, CEO, Christchurch City Holdings Limited
(03) 941 8411
About CCHL
Christchurch City Holdings Limited is the 100% owned infrastructure
investment arm of Christchurch City Council. It is the majority shareholder
of Orion New Zealand Limited, Christchurch International Airport Limited,
Lyttelton Port Company Limited, Enable Services Limited, City Care Limited,
Red Bus Limited, and EcoCentral Limited.
End CA:00253413 For:LPC Type:TAKEOVER Time:2014-08-01 15:04:30
