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- Release Date: 10/10/12 11:57
- Summary: GENERAL: STU: Arrium Announces Sale of Shareholding in Steel & Tube
- Price Sensitive: No
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STU
10/10/2012 09:57
GENERAL
REL: 0957 HRS Steel & Tube Holdings Limited
GENERAL: STU: Arrium Announces Sale of Shareholding in Steel & Tube
Australian mining and materials group Arrium Limited, yesterday announced the
sale of its 50.3% stake in Steel & Tube Holdings Limited, New Zealands'
leading distributor of steel and related products.
The sale will be conducted through an investment bank engaged by Arrium to
underwrite and manage the sale of its shares at a fixed price of $2.05.
Arrium expects the shares will be sold to a broad range of institutional and
retail investors.
Steel & Tube Chief Executive Officer, Dave Taylor said, "Steel & Tube and
Arrium have had a strong relationship for many years, and no doubt this will
continue as Arrium is a key supplier."
"This is a positive development for Steel & Tube providing greater liquidity
in the trading of Steel & Tube shares. The company is well positioned to
fully explore and take advantage of the potential in the NZ Steel industry."
"Steel & Tube's reinvigoration journey is well underway, and the company will
continue to focus on delivering under the One Company model."
As a result of the sale there will be a number of changes to the Board of
Steel & Tube. Arrium appointed director Dean Pritchard resigned as Chairman,
but will remain as a director. The Board has appointed existing director Sir
John Anderson as the new Chairman.
Arrium appointed director Steve Hamer, Chief Executive One Steel Distribution
at Arrium, resigned as a director yesterday.
Dave Taylor, Janine Smith and Arrium appointed director Rosemary Warnock
remain as directors.
For further information, please contact Dave Taylor, Chief Executive Officer,
Steel & Tube Holdings Limited on (04) 570-5001
END
End CA:00228285 For:STU Type:GENERAL Time:2012-10-10 09:57:54
