Tenon Confirms Second Capital Return

Published: Wed 17 Nov 2004 05:04 PM
Tenon Confirms Second Capital Return Of NZ $321 Million
Auckland, 17 November 2004 – Tenon announced today that it was applying to the High Court for initial orders directing it to seek shareholder approval for a return of capital and associated share cancellation.
Under this second capital return (which is subject to receipt of a favourable tax ruling) Tenon will cancel three out of every four shares in the Company. Shareholders will receive $1.5333 for each share cancelled, which equates to $1.15 per share held before the cancellation. The total amount of this capital return will be approximately NZ$321 million.
This proposed capital return, together with the first capital return of approximately $350 million made in March 2004, equates to a total return of $1.20 per share on issue prior to commencement of the forest sale process.
This is the maximum aggregate amount of capital that the Company indicated to shareholders in February this year that it expected to return as a consequence of the forest sale.
Tenon will apply to the High Court for final orders sanctioning the capital return if, at the Company’s Annual Shareholders’ Meeting to be held on 22 December 2004, shareholders approve the capital return.
The Company expects the final orders from the High Court to be obtained in early February 2005, and the capital return completed and payment made to shareholders in late February 2005.

Next in Business, Science, and Tech

NZ EU FTA Coming Down To The Wire – Hold The Line, Says Business Forum
By: NZ International Business Forum
NZ space sector set to star in Moon mission
By: Ministry of Business Innovation and Employment
The Sky Is The Limit - Air New Zealand To Relaunch 14 International Routes In 16 Days
By: Air New Zealand
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
NZ Economy: Prevailing Headwinds
By: BusinessNZ
View as: DESKTOP | MOBILE © Scoop Media