Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

New Zealand China Clays Sale Nears Completion

MEDIACOM-RELEASE-BENDON-GROUP-LIMITED

The sale, by Bendon Group Limited (formerly Ceramco Corporation Limited), of New Zealand China Clays has taken a step closer.

The first two instalments, $36.9 million in total, on the sale price of $41.0 million have been paid by purchaser Mircal, a subsidiary of French industrial minerals company Imerys.

The final instalment, of $4.1 million, will remain in an escrow account until sign off by the parties on the completion balance sheet at 30 June 2000.

"We are very pleased with the price received for our China Clays business," said Bendon Group Limited Chairman, Ian Parton.

"It exceeds the fair value range identified by out financial advisers, and represents excellent value for our shareholders. We have sold out of the business for the right reasons and at the right time."

Meanwhile, the High Court has approved Bendon's arrangement with its Shareholders on the Return of Capital following the sale. Bendon Group Limited has set the date for the cancellation of 1 in 4 shares held by each shareholder as Friday 21 July 2000. The price per share will be $1.59, and funds will be distributed to shareholders on 25 July.

The arrangement was put in a resolution to Shareholders at a Special Meeting of Ceramco Group Limited on 1 June, where it was passed unanimously.

The sale of the business of New Zealand China Clays means that the Bendon Group will focus on the development and expansion of its intimate apparel business, both in Australasia and Europe.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Income Equality: Time To Double-Down On Cutting CEO Salaries

With reports of a slow-down in CEO pay rises last year, it’s time for Kiwi corporates to double down on cutting excessive salaries to ensure this is a trend not an accident, said Peter Malcolm, spokesperson for the income equality project Closing the Gap. More>>

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO: