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.

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