By Nick Stride
Friday 3rd November 2000
|Text too small?|
The meeting was delayed by a power blowout but once it got under way directors were bombarded with questions by holders of all three remaining divisions - Energy, Building and Forests . But the weight of institutional proxy votes was expected to carry the day.
The vote will free FCL to press ahead with its plans to dissolve the letter stock structure and sell Energy to Royal Dutch/Shell and Apache Energy, leaving Building and a recapitalised Forests as separate companies.
Brokers say the rights, which begin trading later this month, will effectively be worthless.
One speculated FCL's partner in Central North Island Forests, China's Citic, could be tempted to gain a stake in Forests by buying up cheap rights. That would give it leverage in its protracted dispute with FCL over the partnership's management.
The breakup plan still faces the hurdle of securing Commerce Commission clearance for the Energy sale. FCL has said the Forests recapitalisation is not dependent on the proposed deal going ahead.
The commission turned down Shell's initial application and will rule on the revised version by November 17.
No comments yet
Green Party's Shaw downplays talk of Ohariu electorate stitch-up with Labour
NZ home values rise at 12.4% annual pace in May, QV says
Kirkcaldie board holds firm on Brierley bid after ditching lease
Two Degrees reports $33.1M full-year loss on 43% revenue growth
NZ terms of trade rise 4.4% in March quarter on cheap imported petrol
NZ Merino inks 5-year, $45M contract with Italy's Reda, supplier to Armani, Gucci
Oceania Natural lifts annual profit but misses guidance
Fronde returns to profit on pretax basis after last year's restructure
Vital Healthcare flags A$84 mln spend to expand Australian portfolio
NZX's SuperLife provides 12-month $1 mln loan to Energy Mad at 15.75% interest