Sharechat Logo

Final court orders for banking proposal

Thursday 16th December 2010

Text too small?

Final court orders have been granted for a $2.2 billion merger proposal of Pyne Gould Corp finance subsidiary Marac with CBS Canterbury and Southern Cross Building Society, to create a listed banking and financial services group.

CBS today said the granting of the orders was another big step forward for the proposal.

The court orders helped pave the way for the merger to be implemented in early January and shares in the merged group holding company, Building Society Holdings, to be issued to shareholders of CBS Canterbury (13.04%) and Southern Cross Building Society (14.75%) on January 7.

As of the close of business today, CBS Canterbury shares would delist from the NZAX and trading in Southern Cross shares would cease, CBS said.

The remaining 72.21% balance of the holding in Building Society Holdings was held by Pyne Gould.

Listing of Building Society Holdings on the NZX was expected on January 31.

Pyne Gould intended to distribute most of its Building Society Holdings stake to its shareholders, and place the rest.

The distribution was expected to take place in the first half of 2011 and would remove Pyne Gould as a dominant shareholder and broaden Building Society Holdings' shareholder base.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO