AusRAIL, Market Sectors

Toll comments inaccurate: Tranz Rail

<p>New Zealand’s Tranz Rail has refuted claims that the company could face a financial or debt repayment crisis within days.</p> <p>Tranz Rail chairman Wayne Walden said the company’s recent deposit of NZ$44m has strengthened its capital position, and its available banking facility at the end of June was in excess of NZ$20m.</p> <p>Mr Walden said he was responding to comments attributed to Toll managing director Paul Little.</p> <p>He urged Tranz Rail shareholders to wait for an independent report and recommendation on the new Toll offer.</p> <p>"The board of Tranz Rail believes that it is extremely important that shareholders are in possession of the correct facts about the company’s financial position," he said. </p> <br />