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

 


Feltex Announces Intention To List on the NZSX

NEWS RELEASE: 19 MARCH 2004

Feltex Announces Intention To List on the NZSX

The Board of Feltex Carpets Limited (“Feltex”), together with its shareholder Credit Suisse First Boston Asian Merchant Partners LP (“CSFBAMP”) is pleased to announce that it intends to proceed with an initial public offering (“Offer”) of ordinary shares and to seek quotation of those securities on the NZSX.

Although the final terms of the Offer have yet to be determined, it is currently proposed that the Offer will have the following terms:

The Offer will be made to members of the public in New Zealand and institutional investors in New Zealand and abroad.

CSFBAMP will sell all of its shareholding in Feltex.

Feltex will also issue $40 million of new shares.

As part of the Offer, a public pool will be available.

Feltex Bondholders will be offered the right to exchange all of their Bonds for shares in the Offer, based on the face value of the Bonds and the share price set as part of the Offer. In addition, Bondholders will be offered further shares in consideration of the acquisition of the Bondholder’s priority right to acquire shares at a discount. The total number of shares to be received by Bondholders under the exchange will be:

Number of shares = Face Value of Bonds exchanged 95% of the share price set as part of the Offer

The number of shares will be rounded to the nearest whole share.

Bondholders who participate in the exchange will also have the right to receive a cash payment equal to a redemption premium and accrued and unpaid interest to the date that the public offer closes under the IPO. The redemption premium will be calculated by reference to the amount (in excess of principal and accrued interest) that the Bondholder would have received had Feltex called the Bonds on the first Interest Date following the IPO at the Call Exercise Price under the Bond Trust Deed. Conditional on the Offer closing, it is intended that this cash amount would be paid on the first Interest Date following the IPO.

If the Offer does not close for any reason, the exchange will be cancelled and all existing rights will revert to the Bondholders as if they did not accept the conditional offer to exchange their Bonds.

Bondholders who do not participate in the exchange will retain their priority right to subscribe (with cash) for $500 worth of shares for every $1,000 worth of Bonds at a 5% discount. Following a successful IPO, it is intended that Feltex would exercise the Call Option under the Bond Trust Deed at the Call Exercise Price.

The Board recommends that Bondholders speak with their investment advisor prior to trading in the Bonds.

The final decision by CSFBAMP and Feltex to proceed with the Offer will be subject to market conditions and other factors prevailing at the time that the Offering is to proceed.

Feltex expects to launch the Offer in May 2004. First NZ Capital and Forsyth Barr Limited have been appointed Joint Lead Managers.

-ENDS-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: 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>>

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:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news