Advisor to NGC in relation to a major strategic review of its business.
Natural Gas Corporation (NGC) had the largest network of gas pipelines in New Zealand. This network includes both long distance transmission pipes and residential/commercial distribution pipes.
In mid-2002, Cameron Partners was retained to conduct a strategic review of NGC’s operations. At this time, NGC’s operations included gas and LPG processing, LPG storage, distribution and retailing, gas wholesaling, electricity generation, electricity and gas metering and gas retailing.
As a result of the strategic review, NGC decided to sell its electricity generation assets and its gas retailing assets.
Expert witness for Fonterra in relation to the valuation of the New Zealand Dairy Board in the arbitration with Tatua and Westland.
This role required Cameron Partners to value the offshore investments of the New Zealand Dairy Board and assess the likely impact of removal of the Board’s single desk seller status in relation to milk exported from New Zealand. This required an analysis of the likely margins from being an agency seller of dairy products and the likely percentage loss of New Zealand milk volumes.
Cameron Partners gave evidence at the arbitration and assisted in preparing cross examination for the expert witnesses used by Tatua and Westland.
Expert witness for PPCS in relation to the valuation of Richmond to the High Court.
In mid 2002, PPCS was found by the High Court to be in breach of the Substantial Security Holder notice section of the Securities Markets Act during its protracted and hostile takeover of Richmond Meats. Subsequent to this finding, Cameron Partners provided expert testimony to the High Court (both inititally and on appeal) in regard to the appropriate penalties PPCS should face for the breach. In addition to valuation expertise, the evidence required testimony on the importance and the workings of the market for corporate control (especially in hostile situations). Depsite initially losing voting rights that provided control, after appeal, PPCS remained in control of Richmond Meats and subsequently completed its full takeover.
Advisor to New Zealand Dairy Foods
In 2001, the major companies in the New Zealand dairy sector combined to form Fonterra Cooperative Group Limited (Fonterra). As part of the approval allowing this combination, Fonterra was obliged to separate and sell its interest in New Zealand Dairy Foods Limited (NZDF). Cameron Partners was adviser to NZDF in regard to this separation from Fonterra. Cameron Partners advised NZDF on the major separation issues - particularly in regard to long term contracts for milk supply and the establishment of the post-Fonterra regulatory environment. The issues were complex and required extensive negotiation with Fonterra and with government officials who were establishing the overall regulatory landscape for Fonterra. Cameron Partners also provided advice to NZDF regarding the sale process for the Fonterra stake.
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