THE board of Trinity Group has rejected a takeover offer from executive director Don O'Rorke.
O’Rorke is also the managing director for Trinity’s subsidiary Consolidated Properties.
O’Rorke has made an unsolicited offer at 80 cents per security for all securities on issue and conditional on acquiring a minimum 51% of stock in Trinity.
Trinity chairman Keith De Lacy said the offer undervalued the group which has a NTA of $1.15 as at June 30 2008.
Trinity yesterday traded at 33 cents down 2 cents – a year ago the group’s shares peaked at $2.55.
De Lacy said Trinity’s independent directors are unanimous in the view that the proposal, as put by O’Rorke, is not in the best interest of the company or its security holders.
Meanwhile Wayne Rex has been appointed managing director of Consolidated Properties to succeed O’Rorke.
Meanwhile, Trinity and FKP yesterday confirmed they are in talks over a potential transaction.
Trinity is under due diligence to buy
FKP is also selling another complex at
FKP shares closed 2.5 cents lower at $1.12 yesterday.
Australian Property Journal
