No meeting for smaller F&P shareholders

Photo / NZ Herald

The Shareholders Association says it will not be facilitating any public meetings for Fisher & Paykel Appliances investors.

Some shareholders had earlier been calling for a meeting they said would provide an opportunity to voice their concerns about Haier's full takeover bid with each other and representatives of the New Zealand whiteware maker.

Association chairman John Hawkins said yesterday's announcement of an improved offer, a positive recommendation on the offer from F&P Appliances' board and the acceptance of three more major shareholders meant the takeover was now bound to succeed.

Haier is now offering $1.28 per share for all the shares in the Kiwi firm it does not already own, up from an initial offer of $1.20 per share.

Institutions ACC, AMP and Harbour Asset Management have accepted the new offer, taking Haier over the 50 per cent minimum acceptance threshold.

Control of the New Zealand manufacturer will now pass to Haier when the offer goes unconditional, but it remains to be seen whether the Chinese company will pull off the 100 per cent takeover it is hoping for.

Hawkins said that while 75 per cent of the shareholders who contacted the association were in favour of having a forum to exchange views the total number calling for a meeting fell well short of what was required to justify the cost.

At the start of this month John Sexton, who held 50,000 F&P Appliances shares, told the Herald he wanted a meeting and had gathered the support of a small group of investors who also wanted one.

Hawkins said media reports suggesting wide support for such a meeting were not a true reflection of vast majority of shareholders.

The association would be circulating information to members setting out some issues around Haier's takeover that they needed to consider.

Ultimately, however, investors had to make their own decision on the offer, Hawkins said.

The offer will close on November 6 unless extended.

F&P Appliances shares closed at $1.265 last night.