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

 

Tenon says cash available to shareholders after liquidation

Tenon says cash available to shareholders after liquidation likely to be US$4.7M

By Jonathan Underhill

July 5 (BusinessDesk) - Tenon, which is preparing to wind up as a company after agreeing to sell its remaining North American and New Zealand businesses, says it expects to have a cash surplus of about US$4.7 million to return to shareholders after liquidation.

The company said today it has finalised the net working capital adjustments required under the agreements relating to the US$100 million sale of its US operations to New York-based buyout firm Blue Wolf Capital and the US$55 million sale of its Clearwood mill in Taupo to a group of US and New Zealand investors led by Tenon's controlling shareholder Rubicon.

Tenon returned US$71 million, or $100 million, from the US sale via a share cancellation in December, and a second capital return of about US$43 million, also by cancelling shares, in April from the Clearwood proceeds. Shareholders could elect to be paid in US or New Zealand dollars.

Tenon shareholders approved the Clearwood sale at a meeting in March. Its shares will cease trading on the NZX at the close of trade on July 27 and will be delisted on July 31, the company said in a statement.

"Although subject to uncertainty, based on information available today, Tenon believes that the cash surplus upon completion of the liquidation will be around US$4.7 million," it said.

The shares last traded at 39 cents.

(BusinessDesk)

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: