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- Release Date: 24/05/13 18:28
- Summary: GENERAL: FBI: Unsolicited offer to buy capital notes
- Price Sensitive: No
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FBI
24/05/2013 16:28
GENERAL
REL: 1628 HRS Fletcher Building Industries Limited
GENERAL: FBI: Unsolicited offer to buy capital notes
FLETCHER BUILDING INDUSTRIES LIMITED
UNSOLICITED OFFER TO BUY CAPITAL NOTES
Auckland, 24 May 2013 - Fletcher Building Industries has been advised by
Washington Securities Pty Limited that it will make unsolicited offers to
some holders of the company's capital notes.
The price being offered by Washington Securities is $0.80 for each note which
have a principal value of $1.00 and a current market value of around $1.06 to
$1.07. This offer price is 20% less than the face value and around 25% less
than the current market value.
The offers are being made in respect of notes with an interest rate of 8.5%
and an interest reset date of 15 March 2015 (FBI090) and those with an
interest rate of 7.75% and an interest reset date of 15 May 2016 (FBI070).
As the offer is significantly less than the current market value of the
notes, it is strongly recommended that any noteholder who receives such an
offer seek independent advice from a sharebroker, accountant or solicitor.
In addition, it is recommended that noteholders check the latest price under
the codes FBI070 and FBI090 on the NZX website at www.nzx.com or in
newspapers.
Noteholders who sell their capital notes through a sharebroker directly will
receive the full market price, less any brokerage fees. Different
sharebrokers charge different fees. For a list of sharebrokers see the NZX
website, www.nzx.com. Noteholders would be expected to receive a higher net
return by selling through a broker than from accepting this offer.
In addition, while payment is promised within one month of Washington
Securities registering the transfer, there is no obligation on Washington
Securities to register the notes within any period. Payment must however be
made within 90 days of the date of the offer.
Noteholders 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:00236624 For:FBI Type:GENERAL Time:2013-05-24 16:28:03
