Compulsory Sale and Buyback of Minimum Holdings
Wellington Drive Technologies (Wellington) recognises that many of its shareholders do not have a relationship with a sharebroker and the cost of brokerage is a disproportionately high relative to the value of their shareholding. To assist those shareholders, Wellington is today issuing notice that on 1 July it will exercise the power of sale of individual holdings on Wellington’s share register of less than 5,870.
Shareholders shall receive sale proceeds based on the volume weighted average price of Wellington’s shares calculated based on either 20 days prior or 5 days prior to the acquisition date (1 July), whichever is higher. Wellington will meet the expenses of the sale and buyback.
If shareholders do not want Wellington to acquire their shares pursuant to this notice, they must before 30 June 2022 either:
• increase their shareholding above the minimum number of shares.
• dispose of their shareholding; or
• Give notice that they wish to retain their shareholding.
The notice (attached to this announcement) and supporting documents shall be mailed to shareholders today.
All five of the analysts’ reports BusinessDesk has seen have either “overweight” or “outperform” investment recommendations on Fletcher shares.
The zero-brokerage fee share trading platform is looking for ways to bring in revenue and make its business model more sustainable.
Fletcher Building achieved second-half profit margins of 9.5%, just below its target of 10% by the 2023 financial year.
Even under a “bear-case scenario”, the house building pipeline should support Fletcher’s medium-to-long-term performance.
Trading volumes were unusually light, with US markets closed tonight for a national holiday.
The shareholder representatives say the Fletcher board must bear ultimate responsibility for the company’s poor performance and the Gib plasterboard shortage.
NZME has only spent $5.3m of the $30m set aside for share buybacks.
Are banks being too slow to raise term deposit rates? Some analysts say yes.
Peter McIntyre, an investment adviser at Craigs Investment Partners, says New Zealand’s market has been "reliably well-behaved over the course of the day".
The firm has doubled its headcount and is looking to raise capital to expand its manufacturing and engineering focus into green hydrogen applications.
Meridian says the fact that Australia's electricity market has turned into a train wreck shows its decision to pull out was the right one.
The Ministry for Primary Industries estimated Fonterra’s restructuring would cost the average farmer between $135,000 and $400,000.
New Zealand's biggest transport operator plans to have its first 10 dual-fuel hydrogen trucks on the road next year.
Oanda market analyst Edward Moya said the absence of a Bitcoin rally could be a troubling sign for some investors.
Sky TV and MediaWorks will be brushing themselves off after a bruising response to their proposal scotched a SkyWorks deal.