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

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)
Rebecca Stevenson
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...

More Markets

Forsyth Barr shifts Turners Automotive to neutral
Markets

Forsyth Barr shifts Turners Automotive to neutral

The company has delivered five consecutive years of record earnings.

Vital board backs Tait takeover
Markets

Vital board backs Tait takeover

Vital’s board has unanimously recommended that shareholders and option holders accept a full takeover offer from Tait Communications, despite their view that it undervalues the company.In May, Vital shares rallied after it disclosed that Tait, a Christchurch-based critical commun...

Drury’s ASX stag, MetroGlass’s new owner, and more
Markets Small Cap Wrap

Drury’s ASX stag, MetroGlass’s new owner, and more

Rod Drury goes ‘pre-revenue’ again, plus small cap news from NZ.

Listed property firms welcome ‘Investment Boost'
Property

Listed property firms welcome ‘Investment Boost'

The tax policy could translate into millions in extra cash.