Archive | Trans Tasman Properties

Trans Tasman delists next week

Published 20 April 2007


Trans Tasman Properties Ltd will be delisted from the close of business on Friday 27 April, following SEA Holdings NZ Ltd’s compulsory acquisition notice on 16 April. Trading in Trans Tasman shares will cease on Monday 23 April.


SEA made a 60c/share offer for outstanding stock on 4 April. By Monday it held 93.73% of Trans Tasman.


Earlier stories:


23 March 2007: SEA gets 90% of Trans Tasman and launches new bid


14 October 2006: SEA makes it to 80% of Trans Tasman


9 October 2006: SEA won’t extend Trans Tasman bid again


4 October 2006: SEA crawls to 78.3% of Trans Tasman


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Ferrier Hodgson to write Trans Tasman takeover report

Published 30 March 2007


Trans Tasman Properties Ltd’s independent directors have appointed Ferrier Hodgson to prepare an independent advisor’s report on SEA Holdings NZ Ltd’s new takeover offer.


The directors expect the report will be sent to shareholders within the next 2 weeks.


SEA launched its new bid a week ago after increasing its stake beyond 90%. The 60c/share offer closes on Friday 4 May. The offer price is 5c above the previous takeover offer, which opened at 51c/share last June and closed last October.


Earlier stories:


23 March 2007: SEA gets 90% of Trans Tasman and launches new bid


14 October 2006: SEA makes it to 80% of Trans Tasman


9 October 2006: SEA won’t extend Trans Tasman bid again


4 October 2006: SEA crawls to 78.3% of Trans Tasman


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


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Attribution: Company statement, story written by Bob Dey for this website.

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SEA gets 90% of Trans Tasman and launches new bid

Published 23 March 2007


SEA Holdings NZ Ltd has increased its stake in Trans Tasman Properties Ltd to 90.61% and yesterday launched another takeover bid for the whole company.


SEA, controlled by Jesse Lu, managing director of the listed SEA Holdings Ltd of Hong Kong, has been foiled in past bids but made it past the 90% mark this time by securing lockup agreements over stakes held by Lim Asia Arbitrage Fund Inc and the Accident Compensation Corp.


SEA increased its stake by just over 10%, from 80.55% at 60c/share and will offer the same price to remaining shareholders. The offer closes on Friday 4 May. The offer price is 6c above the price a week ago and 5c above the previous takeover offer, which opened at 51c/share last June and closed last October.


Earlier stories:


14 October 2006: SEA makes it to 80% of Trans Tasman


9 October 2006: SEA won’t extend Trans Tasman bid again


4 October 2006: SEA crawls to 78.3% of Trans Tasman


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


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Attribution: Company statement, story written by Bob Dey for this website.

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Unrealised Asian Growth writedown sends Trans Tasman to loss

Published 26 February 2007


NZ-listed Trans Tasman Properties Ltd, 80% owned by SEA Holdings Ltd of Hong Kong, has gone from a $4.3 million profit in 2005 to a $3.4 million after-tax loss for 2006.


The company said its development profits realised on the sale of the Viaduct 1 & 2 properties in Auckland and 12 strata units at 65 York St in Sydney were offset by unrealised writedown of the group’s investment in Asian Growth Properties Ltd to quoted market value, the group’s share of a consolidated subsidiary’s operating deficit, and management & administration costs.


Revenue from ordinary activities fell by 41% to $44.8 million and shareholders’ equity was reduced from $394.1 million to $99.5 million, consequences of the Asian Growth Properties split at the start of 2006.


The group’s total net assets fell from $392 million at the end of 2005 to $96.5 million, but New Zealand assets actually rose, from $72.6 million to $79.6 million. New Zealand investment property was down at $5.5 million in both years, but development property was up from $88.6 million to $103.2 million.


Long-term NZ debt doubled from $14.4 million to just under $30 million and total NZ liabilities rose from $54.7 million to $69 million.


Trans Tasman isn’t paying a dividend for the year.


Balance-date ratios:

Return on assets down from negative 0.26% to negative 2.72%
Return on equity down from 1.1% to negative 3.52%
Debt:equity up from 40.39% to 71.91%
Net interest-bearing debt:total assets less cash up from 2.23% to 17.66%
Net asset value down from 67.9c/share to 64.5c/share.

The shares have barely traded lately, last quoted at 54c.


In terms of cashflow, Trans Tasman turned operating cashflow round from a $15.8 million net outflow to an $8 million inflow. It:

increased development property sale proceeds from $25.5 million to $40.1 million
spent just under $121 million buying development properties ($26 million in 2005)
spent $14.7 million developing properties ($9 million in 2005).

Its investment cashflow picture was understandably in sharp contrast – Trans Tasman sold $158 million of investment property in 2005 but only $1.6 million-worth in 2006, then deconsolidated Asian Growth Properties for a $117 million cash outflow. The net investment cashflows were $144.4 million positive in 2005, $122.3 million negative in 2006.


After repaying $84 million of borrowings in 2005, Trans Tasman still ended that year with $123 million in cash, but after the deconsolidation it was down to $10.5 million in cash at the end of 2006.


One aspect of the accounts on which there’s no elaboration is what happened to the shareholders who took Asian Growth Properties shares on the London Stock Exchange’s Aim market, leaving Trans Tasman with just 2.5% of that investment.


Asian Growth was listed in London in January 2006 at a premium to pro forma net asset value, but early trading the next day took the price below asset backing. Initial trading was in a range of 62-65p/share, compared to asset backing of 54p.


SEA Holdings Ltd of Hong Kong, the group parent, held 73.4% of Asian Growth at 19 January 2006. In September, SEA proposed an inhouse deal under which Asian Growth would acquire SEA’s main Hong Kong & China property portfolio for $HK4.43 billion ($NZ860 million). On completion of this deal, SEA was to hold 96.42% of Asian Growth. It reached that target in October, buying at 40p/share.


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Attribution: Company statement, story written by Bob Dey for this website.

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SEA makes it to 80% of Trans Tasman

Published 14 October 2006


SEA Holdings Ltd of Hong Kong made it to 80.55% of Trans Tasman Properties Ltd by the close of its takeover bid this week – a 1% increase from 6 October.



SEA controlled 52.69% of Trans Tasman when it announced the bid in June at 51c/share.


Trans Tasman’s independent directors unanimously recommended that shareholders accept 55c/share when the offer was increased in July, though it was still a 20.6% discount to the 69.3c asset backing (in February).


The bid closed on Tuesday 10 October but SEA continued to receive acceptances through to Friday.


SEA went unconditional, but will now have to increase its stake under creep provisions or make a new offer.


Earlier stories:


9 October 2006: SEA won’t extend Trans Tasman bid again


4 October 2006: SEA crawls to 78.3% of Trans Tasman


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


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Attribution: Company statement, story written by Bob Dey for this website.

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SEA won’t extend Trans Tasman bid again

Published 9 October 2006


Trans Tasman Properties Ltd’s major shareholder, SEA Holdings Ltd of Hong Kong, has decided not to chase the balance of shares that would enable compulsory acquisition and will close its bid this Tuesday, 10 October.



SEA launched its bid on 6 July but by Friday was still just over 10% short of the 90% needed for compulsory acquisition, with 79.51%.


SEA Holdings NZ Ltd director Rod Hodge said today the offer wouldn’t be extended again.


SEA offered 51c/share on 6 July, raising it to 55c/share on 17 July. It extended the takeover bid in August, and again from 15 September to Tuesday 10 October.


Previous stories:


4 October 2006: SEA crawls to 78.3% of Trans Tasman


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


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Attribution: Company statement, story written by Bob Dey for this website.

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SEA crawls to 78.3% of Trans Tasman

Published 4 October 2006


SEA Holdings NZ Ltd’s stake in Trans Tasman Properties Ltd crawled up 0.55% from 7-22 September, according to the substantial securityholder notice issued on Monday.



SEA, controlled by SEA Holdings Ltd of Hong Kong (managing director Jesse Lu), offered 51c/share on 6 July, raising it to 55c/share on 17 July. It extended the takeover bid in August, and again from 15 September to Tuesday 10 October.


The latest notice shows SEA holding 78.3% of Trans Tasman. SEA has waived the condition requiring minimum 90% acceptance and the offer is unconditional.


Previous story:


17 September 2006: 5 large investors holding out as SEA extends Trans Tasman bid again


 


Want to comment? Click on The new BD Central Forum or email [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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5 large investors holding out as SEA extends Trans Tasman bid again

Published 16 September 2006


SEA Holdings NZ Ltd has extended its takeover bid for Trans Tasman Properties Ltd again, from 15 September to Tuesday 10 October.



SEA, controlled by SEA Holdings Ltd of Hong Kong (managing director Jesse Lu), offered 51c/share on 6 July, raising it to 55c/share on 17 July. On Friday it said it had almost 78% of Trans Tasman.


The offer has already been declared unconditional.


SEA NZ & Trans Tasman director Rod Hodge said the number of shareholders had been whittled down from 2678 when the offer opened to 1086 on Thursday and he listed their numbers & total holdings. The tally showed 655 shareholders holding fewer than 5000 shares and a total of 1.8 million, 182 with 5-10,000 shares and a total of 1.2 million, 244 shareholders in the next 4 categories and 5 with 1-10 million and a total of 22.8 million. That last group controls 14.81% of Trans Tasman.


Earlier stories:


8 September 2006: SEA at 77% of Trans Tasman


24 August 2006: SEA extends Trans Tasman bid by 3 weeks


18 August 2006: SEA has 74.4% of Trans Tasman


18 August 2006: SEA reaches 73% of Trans Tasman, which pays out arbitrator’s price of 56c to minorities


9 August 2006: Trans Tasman minorities buyout price set at 56c – company considers appeal


8 August 2006: SEA goes unconditional in Trans Tasman bid


4 August 2006: SEA’s Trans Tasman takeover acquisitions now 3.3%


1 August 2006: SEA gets 2% more of Trans Tasman


21 July 2006: Independent advisors & directors find 55c Trans Tasman offer acceptable


19 July 2006: New SEA offer cuts discount to Trans Tasman NTA to 21%


18 June 2006: Lu’s new offer for Trans Tasman at 26% discount to NTA


 


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Attribution: Company statement, story written by Bob Dey for this website.

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SEA at 77% of Trans Tasman

Published 7 September 2006


SEA Holdings Ltd of Hong Kong increased its stake in Trans Tasman Properties Ltd to 77.27% by 6 September under its 55c/sharetakeover offer, initially launched in June and extended to Friday 15 September.


 


Last story:


24 August 2006: SEA extends Trans Tasman bid by 3 weeks


 


Want to comment? Click on The new BD Central Forum or email [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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SEA extends Trans Tasman bid by 3 weeks

Published 23 August 2006


SEA Holdings Ltd has extended its 55c/share takeover bid for Trans Tasman Properties Ltd from today to Friday 15 September.


 


SEA said it had acceptances giving it more than 75% of Trans Tasman, had waived the condition requiring minimum 90% acceptance and the offer was now unconditional. It actually made that statement on 7 August.Earlier stories:


18 August 2006: SEA has 74.4% of Trans Tasman


18 August 2006: SEA reaches 73% of Trans Tasman, which pays out arbitrator’s price of 56c to minorities


9 August 2006: Trans Tasman minorities buyout price set at 56c – company considers appeal


8 August 2006: SEA goes unconditional in Trans Tasman bid


4 August 2006: SEA’s Trans Tasman takeover acquisitions now 3.3%


1 August 2006: SEA gets 2% more of Trans Tasman


21 July 2006: Independent advisors & directors find 55c Trans Tasman offer acceptable


19 July 2006: New SEA offer cuts discount to Trans Tasman NTA to 21%


18 June 2006: Lu’s new offer for Trans Tasman at 26% discount to NTA


 


Want to comment? Click on The new BD Central Forum or email [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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