Pyne Gould confirms shareholder meeting date

Monday 2nd May 2011

Pyne Gould Corporation has confirmed the date for a shareholders' meeting to vote on a special resolution allowing the distribution of the company's 72.2% stake in Building Society Holdings (BSH).

The meeting is to be held on May 18, with shareholder materials expected to be mailed out today.

Pyne Gould also said today it and BSH had submitted for registration the prospectus for distribution of the shares.

Under the proposal, 216.6 million BSH shares will be distributed pro rata amongst PGC shareholders, with each Pyne Gould shareholder to receive about 268 BSH shares for every 1000 Pyne Gould shares.

At the same time, about 73.2% of the Pyne Gould shares held by each Pyne Gould shareholder will be cancelled.

Following the distribution and cancellation, a Pyne Gould shareholder will hold about 268 BSH shares and 268 Pyne Gould shares for every 1000 Pyne Gould shares held beforehand.

NZPA

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