Bendon Group Cancels Shares
Bendon Group Limited has cancelled 1 in every 4 shares held by shareholders and paid out $1.59 for each share cancelled.
The move forms part of the return of capital arrangements put to, and agreed by, shareholders at the company's special meeting of shareholders in June. It follows the sale of New Zealand China Clays, some of the proceeds of which have been used to fund this return of capital to shareholders.
"The Directors are pleased to complete the first phase of the restructuring of the Bendon Group, which was advised to our shareholders in June," says Bendon Group Chairman, Ian Parton. "This has involved changing our name from Ceramco to Bendon, selling New Zealand China Clays and moving to rationalise the structure of the group by liquidating non-core assets. "The outcome will be an intense focus on developing Bendon as our primary operating company. Our strategy is to grow the value of Bendon's intimate apparel business through achieving greater penetration of the Australian market and expansion into the UK and, possibly, Europe ".