Tenon Shareholders Approve Sale of Clearwood and Second Capital Return
AUCKLAND, 20 March 2017 - Tenon announced that its shareholders had approved,
at the company''s Special Shareholders'' Meeting held in Auckland today, all
resolutions relating to the sale of its remaining Clearwood Business to Tenon
Clearwood Limited Partnership and the associated Capital Return.
Completion of the sale of the Clearwood Business is to occur (subject to
satisfaction or waiver of all conditions of the sale) on 28 April 2017.
Subject to receipt of final High Court orders relating to the Capital Return,
one out of every two Tenon shares on issue will be cancelled, and a Capital
Return of U$1.327 per existing share (or US$2.654 for every ordinary share
cancelled) is expected to be made on or shortly after completion of the sale.
The ''ex-date'' for Tenon shares (assuming Final High Court orders are received
on 7 April 2017) is 26 April 2017.
As previously disclosed to the market, after the completion of the Clearwood
sale, Tenon will have no operating assets and intends to enter a wind-down
phase, including de-listing from the NZX Main Board on 31 July 2017, and
eventual liquidation of the business. Resolutions relating to each of these
matters were also approved by shareholders.
The following is a summary of the voting.
Resolution summary vote type and % of shareholders entitled to vote and
voting
1 - SALE - for purposes of Listing Rule 9.1
For 99.90%
Against 0.10%
SALE- for purposes of Listing Rule 9.2
For 99.56%
Against 0.44%
2 - SECOND CAPITAL RETURN
For 99.96%
Against 0.04%
3 - DE-LISTING on 31 July 2017
For 99.78%
Against 0.22%
4 - AMENDMENTS TO CONSTITUTION
For 99.96%
Against 0.04%
ENDS
End CA:00298503 For:TEN Type:MEETING Time:2017-03-20 12:55:19