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- Release Date: 28/08/13 14:40
- Summary: GENERAL: FBU: FBL Unsolicited offer to buy shares
- Price Sensitive: No
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FBU
28/08/2013 12:40
GENERAL
REL: 1240 HRS Fletcher Building Limited
GENERAL: FBU: FBL Unsolicited offer to buy shares
Auckland, 28 August 2013 - Fletcher Building has been advised that Washington
Securities Pty Limited is making another unsolicited offer to some holders of
the company's shares.
The price being offered by Washington Securities is again $5.00 per share
which is around 42% less than the opening price of the shares quoted on the
NZSX this morning of $8.70 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 believes that Washington Securities is targeting
shareholders who may think it is expensive and difficult to otherwise sell
their shares. Shareholders who sell their shares 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 which should be considerably less than the
potential loss of accepting the Washington Securities offer. Payment will
generally be made by a broker within three business days of sale. For a list
of sharebrokers see the NZX website.
In addition, while Washington Securities promises payment within 30 days of a
share transfer being registered, there is no obligation or requirement on
Washington Securities to register the shares within any period. Shareholders
who accept the offer from Washington Securities should therefore recognise
that payment could be delayed up to the maximum 90 day period after 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 &Capital Markets
Phone: +64 9 525 9043
Mobile: +64 27 444 0203
End
End CA:00240305 For:FBU Type:GENERAL Time:2013-08-28 12:40:39
