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

 


Fletcher Forests Rights Issue

Forests rights issue


AUCKLAND, 18 December 2000 – Fletcher Challenge Limited announced today that, of the 1,709,015,794 new Fletcher Challenge Forests Preference shares issued, 1,037,602,141 shares were taken up by shareholders, 147,717,498 were purchased by various institutions who agreed with the underwriter, Credit Suisse First Boston, to subscribe for fixed proportionate amounts of the total amount of unsubscribed shares and 523,696,155 were purchased by the underwriter. Credit Suisse First Boston has advised that it has sold 100 million of those shares as part of its sub-underwriting arrangements.

Fletcher Challenge, on behalf of Rubicon (a company to be formed as part of the Fletcher Challenge Group restructuring), has exercised its call option to require Credit Suisse First Boston to sell to Rubicon at a price of NZ$0.25 per share, up to 267,148,663 of the shares purchased by Credit Suisse First Boston. The call option will be settled on the effective date of separation of the Fletcher Challenge Group (expected to be in mid-March 2001).

Rubicon may subsequently require Fletcher Challenge Building to purchase up to 117,429,733 of the shares taken up by Rubicon under the call option.

Until the call option is settled, Credit Suisse First Boston may dispose of the 267 million shares subject to the Rubicon call option having, where practicable, consulted with Fletcher Challenge. Any gains or losses attributable to the sale of these shares, inclusive of interest, between 8 December and the effective date of separation of the Fletcher Challenge Group will be to Rubicon’s account.


Ends


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news