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- Release Date: 08/03/12 18:14
- Summary: GENERAL: NZX: NZX Receives Initial Orders for Return of Capital
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NZX
08/03/2012 16:14
GENERAL
REL: 1614 HRS NZX Limited
GENERAL: NZX: NZX Receives Initial Orders for Return of Capital
NZX Limited Receives Initial Orders for Return of Capital
8 March 2012 - On 20 February 2012, the Directors of NZX announced that the
company would distribute cash by way of a return of capital to shareholders.
On 6 March 2012, NZX filed documents with the High Court seeking initial
orders in relation to the proposed return of approximately $34.4 million of
capital to shareholders on a pro rata basis, by way of a scheme of
arrangement pursuant to Part XV of the Companies Act 1993 between NZX and its
shareholders. Under the scheme of arrangement, all holders of ordinary shares
will be treated alike and relative holdings of shareholders will not be
affected. The exact amount of capital returned will depend on rounding of the
number of shares that will be cancelled when the capital is returned.
The High Court has granted orders directing, amongst other things, NZX to put
to holders of its ordinary shares, for their consideration and approval at
the upcoming annual meeting of shareholders, the proposed scheme of
arrangement.
The arrangement requires approval by a special resolution of ordinary
shareholders.
NZX's annual meeting of shareholders has been scheduled for Monday 30 April
2012 at 3.00pm, at the NZX Centre, Level 2, 11 Cable Street, Wellington New
Zealand. At the annual meeting, holders of ordinary shares will vote on,
amongst other things, a special resolution to approve the scheme of
arrangement.
Provided the arrangement receives shareholder approval, NZX will seek final
orders from the High Court sanctioning the arrangement. NZX proposes to
undertake a seven-for-three share split immediately after the return of
capital has been effected.
ENDS
End CA:00220506 For:NZX Type:GENERAL Time:2012-03-08 16:14:22
