Chow brothers John, left, and Michael are buying back at 60 cents each. Photo/Dean Purcell (NZ Herald).
Chow brothers John, left, and Michael are buying back at 60 cents each. Photo/Dean Purcell (NZ Herald).
Millionaire businessmen John and Michael Chow, who have made their fortune from brothels, hotels and property deals, said they are moving forward with their plans to take Chow Group private.
On June 7 the Chow brothers sent a letter to Chow Group shareholders advising them that they are offering 60cents a share to purchase the shares they didn't already own.
On Friday the Chows filed a certificate from independent adviser Simmons Corporate Finance to the NZX saying the offer was "fair and reasonable", falling within a fair value range of 58-to-65 cents per share.
The Chows are the trustees of John Chow Investment Trust and Michael Chow Investment Trust, which collectively hold and control 90.09 per cent of Chow Group's shares. They have previously said they'd enforce mop-up provisions under the Takeovers Code.
Chow's shares last traded at 60 cents on the small-cap NZAX, valuing the company at about $9.9 million.
