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Cavalier shareholders opt for cash over shares

Friday 15th October 2010

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Most Cavalier shareholders have opted to take cash over additional shares in New Zealand's only listed carpet maker, with stock issued under its dividend reinvestment plan amounting to less than 1% on issue.

Cavalier issued 278,756 new ordinary shares, valued at $2.94 apiece, as part of its dividend reinvestment plan which was launched on October 11, representing 0.4% of existing shares.

In August the company declared a fully-imputed final dividend of 11 cents a share, for the year ending June 2010, which is payable today.

The buyback price was calculated as the volume weighted average of all trades on the NZX between October 4 and October 8, and amounts to a 3% discount to Cavalier's closing price yesterday of $3.05.

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