Hirepool settles tax dispute ahead of IPO

Mon, 16 Jun 2014

By Pattrick Smellie June 17 (BusinessDesk) - Hirepool is the latest company with trans-Tasman operations to settle a tax dispute with the Inland Revenue Department, forfeiting $58.6 million of tax losses generated by the use of mandatory convertible notes, one of two commonly used structures the IRD has successfully challenged in the New Zealand courts. The settlement, on June 9, is recorded in the prospectus for the Hirepool float, which will seek to raise up to $262 million from investors next month, as existing Australian investor Next...

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