Goodbye then good buy for former Tranz Rail financial officer

By PAM GRAHAM


Former Tranz Rail chief financial officer Wayne Collins has bought back into Tranz Rail after selling his shares to Toll Holdings.

Collins said he did not want to block Toll's takeover so he accepted the Australian company's offer, at $1.10 a share.

But when it became clear that Toll would not get to 90 per cent, he bought back into the company because he believed it had a good future.

The Business Herald incorrectly reported last week that Collins had shunned Toll's offer.

Toll has said it was disappointed it did not get to the 90 per cent level that triggers compulsory acquisition of remaining shares.

Tranz Rail shares were trading at $1.55 yesterday.