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


Tenon To Undertake Strategic Review


Auckland, 10 September, 2004 – Tenon announced today that it is undertaking a strategic review of its Structural Solutions business. Commenting on the strategic review, the Chairman, Mr Tony Gibbs, said, “In recent weeks the Company has received credible unsolicited approaches in relation to its Structural business activities. While the Company is a very happy owner of the Structural business and had not sought to dispose of it, the Board has determined that in the interests of all shareholders this potential opportunity must be explored, to determine whether we can create more value for Tenon shareholders from continued ownership and operation of the Structural business than we can achieve from a sale to a third party. We do not know the answer to that question today, but expect to have an answer within a few months. While the Company works through this process, it will be ‘business as usual’ in terms of the Company’s commitment to its customers and employees.

The process we will adopt will be a commercially confidential one, and we do not intend commenting any further on this matter until we have an outcome to announce.” The Company has appointed Goldman Sachs JBWere to assist it in this process. The Structural business comprises mills at Kawerau, Rainbow Mountain (near Rotorua), and Mt Maunganui. It does not include the Company’s Appearance operations at Taupo, or its overseas activities in North America and Europe.

Mr Gibbs said that the Company has also decided to defer its Annual Shareholders Meeting (“ASM”) to later in the calendar year, in the expectation that the outcome of the Structural business review would be known by then. “This will allow both the Structural review and the capital return to be considered by shareholders at the same Meeting” he said. A revised timetable for the ASM and capital return will be made available later in the year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>