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M E D I A R E L E A S E |
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11 June 2003 |
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TOLL DISAPPOINTED CULLEN WON'T MEET OVER
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Toll Holdings is disappointed that the Finance Minister Dr Michael Cullen has declined an immediate offer to meet to discuss the Tranz Rail ownership structure. The listed Australian freight company, which has acquired a 10.1% holding in Tranz Rail, recently announced a full takeover for Tranz Rail at 75 cents per share. Managing Director Paul Little said tonight the company had written to Dr Cullen, seeking to meet because Toll wants to work in partnership and find a mutual way forward. "We're disappointed that he won't meet prior to the shareholders meeting on 11 July as we wanted to clear up any misconceptions the Minister may have had about our intentions - which are to own and operate the asset on the long-term basis, whether that includes the tracks or not". Little said Toll successfully operates rail businesses in Australia, where in a number of situations, the tracks are owned by State Government. This works well for both parties. He said the company had always been willing to consider similar arrangements with the New Zealand Government. "The Government has made it clear they are not interested in being long-term operators of the business. Toll is - so there's clearly a mutually beneficial way forward. "We see no reason why the Government couldn't own the track and we would still be willing to operate the business. "As experienced freight operators our aim is always to offer the highest level of service to our customers whether that is via rail, road or sea". Little said Toll's commitment to New Zealand was evident via its ownership of a number of transport and logistics businesses in New Zealand including Southern Distribution Center (SDC) and various assets of BHP Billiton. "We believe Toll can radically improve the level of service provided to New Zealand freight customers and continue to offer them choice for their freight transportation needs. "We also recognise the financial situation facing Tranz Rail and understand the significant investment it will take to bring its operations up to a world class standard. "We remain committed to making this investment and are hopeful
the Government will reconsider its position", he said. For further information please call: |
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