TENON

[weasel]

investor center -> downloads library -> presentations. it wasn't that hard to find guys!

[Taijon]

Great to see others had trouble finding it. I thought it was just me lacking in ability!!!!! I had to email the company to find out where it was. That aside, I still think the presentation is good, and no I'm not from inside the Tenon tent, just a patient holder of a few thousand shares.

[ari]

http://www.tenon.co.nz/investor/down...po%20Visit.pdf
now isn't that easier

[ari]

Rubicon offer doc's in mail this Sat.
What is the feeling out there.....do you think they will be successful.....(mine are not for sale!!!!!)

[ari]

Why the 3c fall.....is the Rubicon buyout a forgone conclusion?????

[willy_wonker]

quote:Originally posted by willy_wonker

As the days go by, I am thinking that there may not be another counter offer as rumoured. Anyway, time will tell. I have concerns that the building industry slowdown with US, Britain, Aust & NZ interest increase.

I think this may be the reason for the price drop as mentioned earlier.

[ari]

If they can't get the fore shore...what about the forests?

NBR Personal Investor: Battle for Tenon hots up

By Duncan Bridgeman
Friday 7th May 2004

Maori leaseholders won't say if they plan to play hardball over the sale of Tarawera Forest estate as another dogfight between Tenon and its biggest shareholder, Rubicon, looms.

Kawerau-based Maori Investments has an 11% share in Tarawera Forests and holds title to key parcels of land throughout the estate.

Tenon needs consents for the transfer of forestry rights and leases in order to return capital to its shareholders after the company agreed to sell the estate for $165 million.

A spokeswoman for Maori Investments, chairwoman Bev Adlam, said the organisation would not comment while negotiations with Tenon were continuing.

Tenon recently announced to the stock exchange that it had received consents covering approximately $82 million or about 40% of the total value of non-freehold assets at issue.

The company has until the end of August to obtain all necessary consents but it must talk to about 100 separate Maori interests in the meantime.

The issue is expected to be included in a series of risks that Rubicon will outline in a partial takeover offer to shareholders tomorrow.

If the lease negotiations falter or are delayed, the properties concerned will remain in Tenon's hands or possibly Rubicon's if its partial takeover is successful.

The Rubicon report is also expected to focus on the speculation in the market of a competing bit, which is seen as underpinning the Tenon share price.

Fletcher Building and Carter Holt Harvey had been touted as possible bidders but both have since dismissed the notion and no other candidate has indicated any interest.

All this suggests Rubicon is steeling itself for an independent report on the takeover by Grant Samuel, expected to be released early next week.

Tenon and Rubicon have already clashed heavily over Rubicon's $1.85-a-share offer for the 30% it needs to control Tenon.

Tenon values the shares at between $2.06 and $2.32.

Meanwhile, Tenon confirmed this week it did not need shareholder approval for the sale of the Tarawera Forest estate.

[willy_wonker]

It just doesnt make sense for the Maoris to hold up the assignment of lease to the new forestry owner. As a landlord, I know that a it is in the landlords best interest to assigned the lease than to go through a battle where the tenant will delay rental arrears and/or default on payment.

[madmike]

quote:Originally posted by willy_wonker

It just doesnt make sense for the Maoris to hold up the assignment of lease to the new forestry owner. As a landlord, I know that a it is in the landlords best interest to assigned the lease than to go through a battle where the tenant will delay rental arrears and/or default on payment.

willy
read the rodney times headlines
maoris interests around the country are holding everyone to ransom
in the tuesdays article maoris received $1m in cultural advise payments
todays rodney times says
"pakiri sand dredges are paying royalties worth a million dollars to the wrong maori reprsentative group the maori land court has found"
if they get the seabed and foreshore god knows what "charges" they will pass on to us kiwis!!!!!
what i'm saying is that the 60% left will try to hold out for a backhander.
the nz courts are so weak they will buy in on the issue....what i'm saying is that the leaseholders (in normal law) have no real right to withhold a lease transfer, but being maori
oh dont get me started....i'm going for my gun licence next week, i suggest every kiwi get one...soon there will be more than ducks to shoot!!!!!

[ari]

Received Rubicon offer doc's today...

quote:Although Tenon shares are trading at around &1.93 (as at time of writing), we believe that this is an Offer that, on full analysis, is attractive

YEAH RIGHT..what a load of ****e...attractive to whom? (remember TOLL's sad story)
Gibbs & Fletcher certainly know the true value just don't let them have it for $1.85, or certainly not for this first offer