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


Tenon Initiates Shareholder Plan

Tenon Initiates Shareholder Plan

Auckland, 25 January, 2005 – Tenon announced today that it had finalised the details of a share plan that will allow the large number of Tenon shareholders who own small numbers of Tenon shares to rationalise their shareholdings in the Company without incurring brokerage fees.

The Plan will offer to all shareholders who will own less than 750 Tenon shares following the forthcoming capital return the opportunity to ‘top up’ their holding by buying more shares. The maximum value of additional shares that may be purchased is $3,000. Alternatively, eligible shareholders may elect to sell their entire holding, or continue to hold their shares. Tenon will pay all the brokerage and registry costs involved in the process.

The Plan will run alongside the capital return, allowing eligible holders to ‘reinvest’ some of the proceeds of the capital return in Tenon, should they wish to do so.

All shareholders will shortly be advised by mail of the details of the Plan. Under the terms of the Plan eligible shareholders must have notified the share registrar of their decision by 5pm on Monday 21 February 2005.

The Company also advised that following the capital return, it will notify those shareholders holding less than 100 shares, that if after a further three months they continue to hold less than 100 shares, Tenon will exercise its right under the NZX Listing rules and the Company’s constitution to compulsorily sell those shares on their behalf and return the net proceeds to them.

The Plan is conditional upon receipt from the High Court of approval of the capital return, which is expected to be received on 2 February 2005.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


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>>


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>>



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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news