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


Proposed Return Of Capital To Horizon Shareholders

At yesterday's Special Meeting shareholders of Horizon Energy Distribution Limited voted overwhelmingly in favour of the proposed arrangement to return $101.5million of capital to shareholders.

The arrangement, if sanctioned by the High Court, will see 3 out of every 4 shares cancelled with shareholders receiving $6.77 for each share cancelled. In order for the return of capital to proceed, approval by a majority of 75% of the votes cast at the meeting was required. 99.6% of votes cast at the meeting were in favour of the proposal.

The Company will now seek High Court approval to the arrangement which would then become binding on all shareholders and on the Company. Chairman Colin Holmes said that subject to final Court approval he expected the pay-out to shareholders would be made in late September or early October.


Company Secretary


© Scoop Media

Business Headlines | Sci-Tech Headlines


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>