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- Release Date: 29/04/13 16:30
- Summary: GENERAL: FBU: FBL - Unsolicited offer to buy shares
- Price Sensitive: No
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FBU
29/04/2013 14:30
GENERAL
REL: 1430 HRS Fletcher Building Limited
GENERAL: FBU: FBL - Unsolicited offer to buy shares
Auckland, 29 April 2013 - Fletcher Building has been advised that a company
called Washington Securities Pty Limited is making an unsolicited offer to
some holders of the company's shares.
The price being offered by Washington Securities is $5.00 per share which is
over 40% less than the price of the shares quoted on the NZSX this morning of
$8.66 per share.
As the offer is significantly less than the current market value of Fletcher
Building shares, it is strongly recommended that any shareholder who receives
such an offer seek independent advice from a share-broker, accountant or
solicitor. In addition, it is recommended that shareholders check the latest
share price under the code FBU on the NZX website at www.nzx.com or in
newspapers.
Fletcher Building understands that Washington Securities is targeting
shareholders holding around 50 - 100 shares and who think it is expensive and
difficult to otherwise sell their shares. Shareholders who sell their shares
investment through a share-broker directly will receive the full market
price, less any brokerage fees. Different sharebrokers charge different
fees, generally between $30 and $75 as a minimum brokerage fee. For a list
of sharebrokers see the NZX website, www.nzx.com.
For those shareholders who may wish to sell their shares, but don't want to
take up the unsolicited offer, the company is aware that First NZ Capital
will carry out one-off sales for a flat fee. This is considerably less than
the potential loss of accepting the Washington Securities offer.
In addition, while payment is promised within one month of Washington
Securities registering the shares, there is no obligation or requirement on
Washington Securities to register the shares within any period. Payment must
be made within 90 days of the date of the offer.
Shareholders who accept the offer have the right to cancel their acceptance
provided they do so in accordance with the terms set out in Washington
Securities' offer.
Contact:
Philip King
General Manager, Investor Relations
Phone: +64 9 525 9043
Mobile: +64 27 444 0203
End
End CA:00235610 For:FBU Type:GENERAL Time:2013-04-29 14:30:41
