Tasmania’s Gunns in trading halt after Chandler walks away 9 Mar 2012
- MARKET CLOSE: NZ shares rise, led by A2 after $40M placement Business
- NZ dollar heads for 3.7% weekly gain; Fed timing pushed out Business
- Further land sale restrictions possible under TPP Business
- NZ govt to look at monopoly power rules next month Business
- Former SPGI director Turnock pleads guilty on FMA charges Business
- NZ spending on debit, credit cards increases in September Business
- Opponent lays out alternative for Silver Fern Farms sale Business
- AFT Pharmaceuticals confirms dual-listing plans Business
- A2 Milk raises $40 mln at 5.5% discount in placement Business
- NZ dollar gains as dovish Fed lifts commodity, asset prices Business
Tasmania’s Gunns in trading halt after Chandler walks away from deal
By Paul McBeth
March 9 (BusinessDesk) – Gunns, the ASX-listed forest plantation owner, is in a trading halt as it looks for new capital after New Zealand-born billionaire Richard Chandler backed out of a cornerstone role in a A$280 million deal.
The Tasmanian-based company requested a two-day halt after it was “advised that the Richard Chandler Corporation does not intend to proceed with its participation in the proposed capital equity raising” outlined last month, it said in a statement to the ASX.
“The company is in discussions with equity investors in respect of the raising” and it will announce more information about the recapitalisation at the end of the discussions, it said.
Gunns shares last traded at 16 Australian cents apiece, valuing the company at A$140 million.
Chandler’s investment vehicle has been doing due diligence on Gunns for the last month, as it weighed up taking an A$150 million stake in the company as part of a rights issue. He was ranked at 230 on Forbes global list of billionaires with a net worth of US$4.6 billion
That evaluation included whether social value is created, such as establishing jobs and improving sustainable environmental practices, attracting local support, imposing strong corporate governance, making appropriate financial returns and setting up conservative debt levels, Chandler said last month.
Chandler co-founded Sovereign Global Investment with his brother Christopher in 1986, primarily investing in emerging markets. In 2006, Sovereign demerged, and Richard Chandler established Orient Global, which is now known as RCC, according to the company’s website.
That vehicle is split into two arms, the Creative World Group which is a social investment group focusing on education and healthcare, and the Capital group which invests in a wide range of industries.
6 Oct 2015 News
New Zealand Government Hon Steven Joyce Minister for Economic Development Hon Nathan Guy Minister for Primary Industries more
6 Oct 2015 Business News
Business lobbies, wine growers, meat sector welcome TPP Oct. 6 (BusinessDesk) - Business lobbies, wine growers and the country's... more
6 Oct 2015 Business News
NZ business confidence drops to four-year low as economic outlook worries firms Oct. 6 (BusinessDesk) - New Zealand business ... more
28 Sep 2015 Lifestyle
New Zealand Automobile Association Media Release: 28 September 2015 Popularity of new guide fuelled by pedal power New Zealanders... more
6 Oct 2015 Property
Auckland house prices rise to record in September as regulations loom, Barfoot says Oct. 6 (BusinessDesk) - Auckland house prices ... more
28 Sep 2015 Property
Chinese property investors are rapidly disappearing from the auction room, says the boss of Auckland's biggest real estate... more
21 Sep 2015 Migration
NZ's annual net migration reaches record 60,300 in August on Indian, Chinese students By Jonathan Underhill Sept. 21... more
28 Sep 2015 Travel & Tourism
An increase in overseas visitors seeking a winter break resulted in an additional 10,000 holiday arrivals to New Zealand in August, as... more
8 Sep 2015 Travel & Tourism
Article - BusinessDesk Smartpay forecasts second year of earnings decline By Tina Morrison Sept. 8 (BusinessDesk) - Smartpay... more
6 Oct 2015 Rugby
RWC 2015 Set to Welcome European Qualifiers Georgia and Romania can confirm their attendance this weekend Final placings likely to go... more
6 Oct 2015 Opinion
Gordon Campbell on the TPP deal reached in Atlanta If the TPP was the Rugby World Cup, the New Zealand team probably wouldn’t ... more
5 Oct 2015 Opinion
Column - Gordon Campbell Gordon Campbell on the TPP countdown, and Mary Margaret O’Hara While Australia and the US have... more
6 Oct 2015 Appointments
Article - BusinessDesk Sanford appoints Rob McLeod to board, seeks tie-up with Maori fisheries By Paul McBeth Oct. 6 ... more
23 Sep 2015 Appointments
Fonterra director Ian Farrelly replaces Ralph Norris on shareholders' fund board Sept. 23 (BusinessDesk) - Fonterra Cooperative... more
2 Oct 2015 Recruitment
'Close to zero' chance of another bum hire, says FMA's Everett Oct. 2 (BusinessDesk) - Financial Markets Authority chief... more