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

 


Separation Transactions Implemented

AUCKLAND, 23 March, 2001 – Fletcher Challenge Limited has today completed the transactions approved by shareholders on March 6, leading to the separation of the Fletcher Challenge Group.

Trading in Fletcher Challenge Energy and Fletcher Challenge Building shares ceased on the New Zealand Stock Exchange today. From Monday, the new companies Fletcher Building (FBU) and Rubicon (RBC) will be trading on both the New Zealand and Australian stock exchanges. The application for the NYSE listing for Fletcher Building is well advanced, and trading in American Depository Shares (ADS) is also expected to commence on Monday.

Shareholders of Fletcher Challenge Energy will, from Wednesday of next week, begin to receive the cash component of the sale to Shell and Apache, as well as notification of their Rubicon shareholding (one Rubicon for each Energy share), and notification of their entitlement to Capstone Turbine shares (one Capstone entitlement for 70 Energy shares). Capstone shares are listed on the NASDAQ, and the Shell-arranged entitlements can be exchanged for shares from April 27, enabling shareholders to receive the most effective value transfer.

“I am delighted that we have been able to complete the separation of Fletcher Challenge, in response to shareholder demand, in a way that transfers real value to shareholders”, said Roderick Deane, outgoing Chairman of Fletcher Challenge. “The Paper and Energy division sales were achieved at a significant premium to market. Fletcher Challenge Forests and Fletcher Building remain as New Zealand-focused businesses. Energy’s assets in New Zealand will continue to provide jobs for New Zealanders, and Shell’s expertise and funding will enable an increased focus on high-quality exploration and production. This is a remarkable outcome from probably the most complex commercial activity ever seen in New Zealand” he said.

Fletcher Challenge Limited will be renamed as Fletcher Challenge Forests during April, and both the management and boards of the new companies will be able to focus on future strategies and performance, now that the separation process is complete, Dr Deane commented.

“Fletcher Challenge has been the employer of vast numbers of New Zealanders over many years”, said outgoing Chief Executive of the Fletcher Challenge Group, Michael Andrews, “and the skills, expertise, and energy of those employees has been an important part of New Zealand’s commercial scene. It is good to see that most of those people will continue to drive the business of the new companies, and of the assets which remain in New Zealand,” he confirmed.


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