New Zealand China Clays Sale Nears Completion
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.