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

 


Proposed Fletcher Forests Share Consolidation

Proposed Fletcher Challenge Forests Share Consolidation

Auckland, 09 May 2002 – The Board of Fletcher Challenge Forests today announced its intention, subject to regulatory and legal approvals, to undertake a share consolidation. This would take place later in the year, immediately after the Annual Shareholders’ Meeting.

The Company has been advised by the New York Stock Exchange (NYSE) that for a period earlier this year, it did not comply with one of the NYSE’s listing criteria, namely a US$1 minimum average closing American Depositary Receipt (ADR) price over a consecutive 30 trading-day period. Both classes of Fletcher Challenge Forests’ shares are traded on the NYSE in the form of ADRs, a programme for non-US issuers, at a ratio of 10 Forests shares per one ADR.

The company is required to satisfy the NYSE that further breaches of the listing criteria will not occur in the future and that the current ADR price will remain over $1.

The proposed share consolidation will remedy this compliance issue. The Board will determine the consolidation ratio at a later date. There is no current plan to change the ADR ratio of 10:1, i.e., there will still be 10 shares after consolidation to each ADR.

The Chairman of Fletcher Challenge Forests, Sir Dryden Spring, noted that Fletcher Challenge Forests has been listed on the NYSE since 1993. “We have established a large and loyal shareholder following in the US and a consolidation of our shares will support our continued presence in this important capital market,” he said.

Measures to implement the consolidation will need to be approved at the company’s Annual Shareholders’ Meeting in November 2002. Further details will be provided to shareholders in conjunction with the Notice of Annual Meeting.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news