donner
16-06-2004, 08:22 PM
I would like to bring the attention of all holders of SLLGA to one paragraph in the document sent to you today. Specifically it is the second paragraph on the second page. It is posted at the end for ease of viewing.
Basically, what it means is if you let yourself be heard you stand a very good chance of getting a higher price for your SLLGA's.
We have three choices.
One is to sign and accept the offer.
Two is to do nothing and allow your SLLGA's to be acquired mandatorily under the law.
The third is to write a letter of objection and keep the issue alive by sending it to another "expert" for another valuation.
If you do not write the letter you lose the chance to get more money.
It is possible (though I am not sure[can someone inform me]) that other note holders who hold a large enough percentage will do this and perhaps we can coat tail on them. However, it is better to write the letter oneself. It need consist of nothing more than the following;
Dear Sir/Madam,
My shareholder number is *********. I would like to exercise my right under Rule 57 of the Takeovers Code and object to the consideration on offer by Sky City for my holding of SLLGA.
Yours truly,
Donner
Send it off to:
SKYCITY Investments Auckland Limited
C/- Computershare Investment Services Limited
Level 2, 159 Hurstmere Road
Takapuna,
Private Bag 92119
Auckland 1020,
New Zealand
Thanks
If you hold MCNs, you have the right under Rule 57 of the Code to object tothe consideration specified in this Notice of Acquisition for the outstandingMCNs (ie $1.60 per MCN). Any such objections must be received by SKYCITYInvestments at the address below by no later than 29 June 2004. If SKYCITYInvestments receives objections from holders who hold, in total, the lesserof:
- 2% or more of the MCNS; or
- 10% or more of the outstanding MCNs, it will refer the amount ofconsideration for the compulsory acquisition of the outstanding MCNs to"expert determination" as is required under the Code.
In essence, anindependent person will be appointed by the Takeovers Panel and be asked todetermine the amount to be paid by SKYCITY Investments for the outstandingMCNs, which amount must be a cash sum equal to the fair and reasonable valueof the outstanding MCNs.
Basically, what it means is if you let yourself be heard you stand a very good chance of getting a higher price for your SLLGA's.
We have three choices.
One is to sign and accept the offer.
Two is to do nothing and allow your SLLGA's to be acquired mandatorily under the law.
The third is to write a letter of objection and keep the issue alive by sending it to another "expert" for another valuation.
If you do not write the letter you lose the chance to get more money.
It is possible (though I am not sure[can someone inform me]) that other note holders who hold a large enough percentage will do this and perhaps we can coat tail on them. However, it is better to write the letter oneself. It need consist of nothing more than the following;
Dear Sir/Madam,
My shareholder number is *********. I would like to exercise my right under Rule 57 of the Takeovers Code and object to the consideration on offer by Sky City for my holding of SLLGA.
Yours truly,
Donner
Send it off to:
SKYCITY Investments Auckland Limited
C/- Computershare Investment Services Limited
Level 2, 159 Hurstmere Road
Takapuna,
Private Bag 92119
Auckland 1020,
New Zealand
Thanks
If you hold MCNs, you have the right under Rule 57 of the Code to object tothe consideration specified in this Notice of Acquisition for the outstandingMCNs (ie $1.60 per MCN). Any such objections must be received by SKYCITYInvestments at the address below by no later than 29 June 2004. If SKYCITYInvestments receives objections from holders who hold, in total, the lesserof:
- 2% or more of the MCNS; or
- 10% or more of the outstanding MCNs, it will refer the amount ofconsideration for the compulsory acquisition of the outstanding MCNs to"expert determination" as is required under the Code.
In essence, anindependent person will be appointed by the Takeovers Panel and be asked todetermine the amount to be paid by SKYCITY Investments for the outstandingMCNs, which amount must be a cash sum equal to the fair and reasonable valueof the outstanding MCNs.