SEA rejects call for 50c offer price

Independent director John Ferner said the directors of TTP had a letter from majority owner SEA Holdings, stating that it would not increase its offer price above 40c.

Minority shareholders are angry at the offer from SEA Holdings, predicting that the deal would be shown to be unfair and calling for the price to be increased to 50c a share.

Ferner said he wanted shareholders to look at last year's annual report, sent out at the end of last month.

Shareholders should note that the company's net asset value per share was 63c, it had cash balances of $282 million and a net surplus attributable to shareholders for the year of $40.6 million. Repayments of $27.3 million were made to the secured bonds, Ferner said.

Ferrier Hodgson has been appointed to prepare an independent advisers' report on the takeover offer and the report is due next month.

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