Smiths City's proposed $5.7 mln share buyback delayed by red tape

Wed, 09 Aug 2017

By Paul McBeth Aug. 9 (BusinessDesk) - Smiths City Group shareholders won't vote on a $5.7 million capital return at this month's annual meeting as the retail chain operator works through outstanding regulatory matters. The Christchurch-based company had planned to put forward a planned share buyback to investors at the Aug. 21 annual meeting, but will now have to hold a special meeting later this year as it irons out the details of the deal. Smiths City plans to pay 72 cents a share in a compulsory acquisition and cancellation of three...

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