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

 

Newcall Shareholders Approve Debt Capitalisation

Media Release
17 September 2003

Newcall Shareholders Approve Debt Capitalisation

AUCKLAND 17 September 2003: Newcall Group shareholders unanimously approved the conversion of debt and interest held by Newcall’s largest shareholder Charoong Thai Wire and Cable Public Company Limited (CTW), and its wholly owned subsidiary CTW Beta Company Limited (BETA), at a special shareholder meeting held on 17 September.

The conversion is at NZ$0.52 cents per share which is a significant premium over the current trading price of Newcall shares.

Newcall owes CTW $2,215,536.30 and BETA NZ$133,691.17 which will be converted into 42,606,467 ordinary shares for CTW and 2,570,984 ordinary shares for BETA. As a result, CTW’s combined shareholding will increase from 32.58% to 49.55 %.

The total number of ordinary shares issued will increase from 134,323,592 to 179,501,043.

Also, shareholder funds will be positive at $ 945,000.

David Tao Heng Sun, CTW Managing Director says, “We believe the conversion price of 5.2 cents per share more accurately reflects the underlying value of Newcall shares than the current trading price on the New Zealand Stock Exchange.”

Newcall Chairman, Jim Bracknell, says Newcall is aggressively pursuing an acquisition or a merger with a local company to increase the New Zealand shareholding in the company and to provide an exit strategy to CTW.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>