General Capital Limited (GEN:NZ) has confirmed that Borneo Capital Limited, a substantial shareholder in General, has sold the shares which represented approximately 0.06% of the shares on issue, which were the subject of a potential breach of the Takeovers Code.
The Takeovers Panel has decided not to take further action at this time.
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The deal is subject to regulatory approvals and commercial conditions.
Every sector of the Australian share market has lost ground.
The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.
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