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

 

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO: