Shareholders hammer home discontent with bank fees for Fletcher Building's $700m raise

Fletcher director Cathy Quinn is the sole remaining board member up for re-election. (Image: NZME)

Wed, 23 Oct 2024

Fresh concerns have been raised about Fletcher Building’s $700 million equity raise as the company is set to face shareholders after months of turmoil. The dual-listed building materials giant will hold its annual general meeting in Auckland on Wednesday. It is likely to be confronted by shareholders, who are "upset and angry" at the company’s dire performance. Fletcher Building’s constrained balance sheet saw it raise $700m in September after a more than $220m loss, repeated provisioning on legacy construc...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Primary Sector

NZ businessman Graeme Clegg remains detained in Vietnam

He's been diagnosed with cancer in his colon.

Riley Kennedy 5:10pm

Law & Regulation

James Wallace is 'low risk, but not no risk' of reoffending

Why James Wallace remains under strict release conditions.

Garth Bray 1:00pm

James Wallace is 'low risk, but not no risk' of reoffending

Policy

NZ's space sector revenue grows over 50% in five years

Advanced aviation is also a growing sector, according to a new industry survey.

Greg Hurrell 12:45pm

NZ's space sector revenue grows over 50% in five years

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Markets

Markets

Steven Joyce to chair NZME

Tech expert Bowen Pan will also join, later on.

Staff reporters 2:12pm

Markets

NZME set to take on Trade Me for car sales

Publicly listed NZME, owner of the NZ Herald and BusinessDesk, says it is exploring a new automotive digital classifieds platform, in a clear bid to take on Trade Me.Seeking to emulate the success of its property platform OneRoof, NZME said on Friday it had signed a memorandum of...

Staff reporters 11:58am