Independent Expert Opinion

Northington Partners has produced high quality independent reports for clients involved in both takeover and capital restructuring processes.

Independent expert opinions are required for a number of regulatory purposes. Most requirements relate to acquisitions and share allotments that are subject to the Takeovers Code and NZX Listing Rules.

Due to the public nature of these assignments and the scrutiny to which the reports are exposed, it is imperative that the analysis is robust, rigorous, and accurate. Consequently, we take pride in the fact that we have been attributed “independent expert” status by both clients and regulatory bodies.

Recent Engagements Include

  • MFS Living and Leisure Group

    Provision of the Rule 22 Report in relation to the full takeover offer made by MFS for Tourism Holdings Limited. The report was commissioned by the offeror and its purpose was to opine on whether the takeover offer was fair and reasonable as between the classes of voting securities. Report prepared in April 2007.

  • Mooring Systems

    Provision of the Independent Adviser’s Report in relation to the merger between Mooring Systems and Cavotec Group Holdings. The report was prepared pursuant to rule 18 of the Code, and was commissioned to provide MSL shareholders with a full understanding of the merits of the proposed merger.

  • Lyttelton Port Company

    Provision of the Independent Adviser’s Report in relation to the full takeover offer by Christchurch City Holdings for Lyttelton Port Company made in February 2006.

  • Mike Pero Mortgages

    Provision of the Independent Adviser’s Report in relation to the full takeover offer by NZ Finance for Mike Pero Mortgages made in December 2005. Also reappointed to provide a new report for the subsequent takeover offer made in February 2006.

  • Gardez Investments

    Provision of the Independent Adviser’s Report in relation to the full takeover offer by Property Ventures for Gardez Investments. Both companies are private, widely-held property investment and development companies with a combined asset value of approximately $150 million.

  • Prime Infrastructure

    Provision of the Rule 22 Report in relation to the full takeover offer made by Prime Infrastructure for Powerco. The report included an assessment of an indicative intrinsic value range for the SPARCS debt instruments used by Prime Infrastructure to partially finance the takeover offer.

  • Apple Fields

    Preparation of an Independent Adviser’s Report pursuant to the NZX Listing Rules and the Takeovers Code on the merits of an allotment of new shares in Apple Fields. Our opinion was based on an assessment of fair market value for the business and assets acquired by the company as part of the transaction.