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

 

CNIFP Purchase Does Not Achieve Required 75%

STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).


CNIFP Purchase Does Not Achieve Required 75% Shareholder Approval


Auckland, 13 August 2002 – Fletcher Challenge Forests announced today that the proposal to purchase the assets of the Central North Island Forest Partnership was not approved at the Special Shareholders’ Meeting held on 13 August 2002.

The Chairman of Fletcher Challenge Forests, Sir Dryden Spring, said the Board of FFS was naturally disappointed at the result, as the Board was strongly of the view that the proposal was in the best long term interests of the company.

Sir Dryden thanked all Fletcher Challenge Forests shareholders for their participation in what had been an intense and demanding debate. He noted that although supported by a majority of shareholders, the proposal did not pass the demanding 75% threshold for a successful Special Resolution.

“Today we have probably lost an important future opportunity, but we have an excellent business which we will continue to maximise.

“The future of the CNIFP is now very uncertain, and a number of contending proposals could come forward in the near future. Fletcher Challenge Forests will watch that process with great interest, and will carefully evaluate any further opportunities that might arise” Sir Dryden said.


Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>