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


Return Of Capital To Horizon Shareholders

Return Of Capital To Horizon Shareholders And Change Of Balance Date

Horizon Energy Distribution Limited has received approval from the High Court to cancel three shares out of every four held by its shareholders and to pay each shareholder $6.77 for each share cancelled. This arrangement was approved by the Company's shareholders in August.

The Company will be returning approximately $101.5million to shareholders.

In announcing the High Court approval, Company Chairman Colin Holmes said that the Directors considered that this arrangement was the most equitable way to return capital to shareholders following the sale of the generation and retail businesses earlier in the year.

Payments will be made to shareholders in the week commencing 18 October 1999 to shareholders on the Company's register at 15 October 1999.

At a meeting of Directors held on 30 September 1999, it was resolved that the balance date for Horizon Energy Distribution Limited be changed from 31 March to 31 December, subject to all necessary approvals being obtained. This will bring the Company's balance date in line with major shareholder, UnitedNetworks Limited.

© 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>>