he New Zealand Shareholders Association said today it was still considering whether to facilitate meetings for Fisher and Paykel Appliances shareholders who are currently considering a takeover offer from Haier.
NZSA Chairman, John Hawkins said “today’s announcement that the independent directors of FPA had rejected the current Haier offer is just the start of the process. The NZSA strongly advises shareholders to carefully read the independent report and target company statements which will be sent to them early next
week, and consider their own position in light of the information in these” said Hawkins. He added that “it was possible an increased offer could be forthcoming and shareholders should not feel pressured into making an early decision. They have until at least 6 November to accept or reject the offer”, said Hawkins.
Hawkins said the takeover offer had raised a lot of interest as this was an iconic New Zealand company with a large retail shareholder base. A number of shareholders have expressed interest in having the opportunity to share their thoughts and gauge the views of others rather than making a decision in isolation.
Because this is an offer to shareholders, Hawkins said Fisher and Paykel itself could not get involved beyond what was required under the takeovers provisions.
He said the NZSA would wait a few days before making any decision. “We need to see if shareholders feel the independent report and recommendations address their concerns or whether the desire for a broader forum still remains”. Hawkins cautioned that legally, the NZSA could not give direct financial advice to shareholders and would not be recommending which way they vote. Any meetings would be for information purposes and an exchange of views, with the intention of helping people arrive at their own decisions.
Hawkins said that if meetings did go ahead, they would be open to all F & P Appliance shareholders. If there was sufficient demand, the Association would try to hold them in the three main centres. “I expect a decision will be made late next week and urge interested shareholders to contact the Shareholders Association and register their interest in attending”, he said.
John Hawkins
Chairman
021 640 588 www.nzshareholders.co.nz