Sharechat Logo

Vector bondholders have another two-month to wait

Monday 2nd June 2003

Text too small?
Vector's capital bond-holders may find out by the end of next month whether the company is going to proceed with a partial privatisaion, The NZ Herald reports.

Vector raised $307 million last September and sweetened the capital note offer by promising investors either priority rights to any share issue, or, it the issue doesn't proceed, an extra 1.50% interest on their bonds.

It said that if the float does not happen before September 30, then the interest rate on the bonds will increase from 8.25% to 9.75%.

Vector, which is New Zealand's largest power lines company, is owned by its customers through the elected Auckland Energy Consumer Trust.

Vector chairman Michael Stiassny says no commitment had been made to an initial public offering or listing.

The issue had been discussed at a board meeting last week, the Herald reports, and it intends to finalise a position with the trust in the next two months.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Heartland Market Update
Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria

IRG See IRG research reports