Offer outrages disenchanted TTP shareholders

Sunday 4 April 2004

Disenchanted Trans Tasman Properties minority shareholders are angry at the offer from majority shareholder SEA Holdings, predicting the deal will be shown up to be unfair and unreasonable.

By The Landlord

Michael Connor, who runs Epsom investment service Income Master, said SEA's 40c share offer made this week was a joke and far too low.

"It's completely derisory. It's farcical. You've got to be kidding me," said Connor, adding that the net tangible value of TTP equated to 63c a share.

He expects Grant Samuel to be commissioned to write an independent report on the offer and is sure any assessment will result in criticism of SEA for making its offer too cheap.

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