China's Zheijang Rifa (RIFA) has launched a bid to acquire the outstanding shares in New Zealand's Airwork Group that it does not currently own.
RIFA secured a controlling 75% stake in March this year and has since set about acquiring the remaining 25% currently held by numerous smaller investors. An NZX disclosure issued on Monday, October 2, shows RIFA last month entered into separate lock-up agreements with non-executive director Michael Daniel, CFO Brian Fouhy, and CEO Chris Hart to acquire their shares for NZD5.20 (USD3.74) a piece thus bringing its total shareholding in Airwork to 90.298%. Beyond the 90% threshold, the firm can now proceed to acquire the remaining 9.702% it does not own. If successful and if a takeover committee approves its offer, RIFA plans to delist Airwork.
RIFA chairman, Jie Wu, said in a letter to Airwork shareholders that despite the anticipated takeover, his firm would continue to develop Airwork as a New Zealand-based operation.
"As part of our intention, I can confirm that there are no intended changes to Airwork’s Board, management team or for staff and that the company’s headquarters will remain based in Auckland, New Zealand," he said.
"Importantly, future investment in employment and innovation will continue to be driven out of New Zealand."
Airwork is a cargo, MRO, and passenger charter specialist whose operating units entail Airwork NZ (Auckland International), Heli Holdings Ltd, Airwork Flight Operations (AWK, Auckland International), and Inflite Charters (Auckland International).
