General Capital Limited (GEN:NZ) has advised that a substantial shareholder, Borneo Capital Limited, purchased 237,181 additional shares in General Capital, taking their holding from 34.94% to 34.99%.
This purchase is a potential breach of the Takeover Code and Borneo will be divesting itself of the shares.
General Capital has instructed its broker accordingly.
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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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