TRINITY Limited has rejected Don O'Rorke second takeover offer, labeling it as mischievous amongst other things.
Trinity’s chairman Brett Heading said the former director’s proposal to purchase Trinity’s subsidiary companies was misleading.
And in the opinion of the board, the offer is not in the best interest of Trinity investors.
“The good faith negotiations preceding Mr O’Rorke’s disappointing media release were in relation to recovery owed by Mr O’Rorke and his associated entities to Trinity Limited,” Heading added.
O’Rorke is the second largest shareholder in Trinity and was a former director after he sold his business Consolidated Properties Group to Trinity.
And in December last year, O’Rorke split with company and took back the name Consolidated Properties Group.
He is proposing to Trinity subsidiaries Trinity Development Group Holdings and Trinity Japan Trust.
Currently Trinity has launched legal action against several companies owned by O’Rorke.
O’Rorke said if he bought the subsidiaries it assume all outstanding obligations owed to Trinity.
“Trinity’s future performance hinges on resolving three issues – ongoing litigation with its aggrieved project partners, retaining management of its funds and determining its ongoing business model,” O’Rorke said yesterday.
Propertyreview.com.au
