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


Carter Holt Harvey backs Straightedge

Carter Holt Harvey backs Straightedge

CHH supports Straightedge Ltd in return of shareholder funds

Carter Holt Harvey today announced that it was working with Straightedge Limited to ensure that current shareholders received back the original issue price of their shares following the announcement today by Straightedge Limited that it was closing its public offer.

The Board of Straightedge Limited today stopped its secondary public offer which means that its intended Key Transaction, the acquisition of Carter Holt Harvey’s Straightedge Division, will not proceed.

Craig Knox, Chief Executive of Carter Holt Harvey New Ventures says while the announcement that Straightedge Limited had closed its offer was disappointing it was a responsible and commendable decision that had been made primarily to protect both investors and shareholders.

“Naturally, in an ideal world, we would have preferred that the capital raising had been successful because the intended Key Transaction, Straightedge Division, is a viable and innovative business that we continue to have full confidence in,” says Knox.

“From Carter Holt Harvey's perspective Straightedge Division remains on track and is set for future growth. However, a combination of a slower ramp up of sales and uncertain capital markets for technology stocks simply means that the timing and environment for a public listing has been difficult at this point in time.”

Nonetheless Knox says that Carter Holt Harvey has fully committed to ensuring that Straightedge’s current shareholders receive back an amount equal to the original issue price of their shares.

“Now that the offer has been stopped our main priority is to work with the Straightedge Board to determine an appropriate mechanism to ensure that the current shareholders receive back an amount equal to the original issue price of their shares as soon as possible.

“We anticipate that a decision by the Straightedge Board on an appropriate means of returning back funds to current shareholders will be made in the next week,” says Knox.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Up $1.20: $17.70 Minimum Wage Next Year

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>


Reserve Bank: Capital Proposals Are 'Radical', Says Fitch

International credit rating agency Fitch says the Reserve Bank's proposals for increased bank capital adequacy ratios are "radical" and "highly conservative relative to international peers", but the result will ultimately be "significantly stronger buffers" against financial system shocks. More>>


Regions And Skills: Work Visa Proposals 'Step In The Right Direction'

Immigration Minister Iain Lees-Galloway announced yesterday that the Government is consulting on proposed changes to employer-assisted temporary work visa settings to ensure that work visas issued reflect genuine regional skill shortages. More>>


Long Commutes: Hamilton To Auckland Passenger Rail Trial Gets Green Light

The NZ Transport Agency Board has approved a business case for the next steps in a start-up trial Hamilton to Auckland passenger rail service, Transport Minister Phil Twyford announced. More>>


Working Group Update: Mycoplasma Bovis Eradication Making Substantial Progress

International experts are impressed by New Zealand’s efforts to eradicate the cattle disease Mycoplasma bovis and are more confident the campaign is working... More>>