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Tenon Receives Favourable Ruling From IRD
Tenon Receives Favourable Ruling From IRD
Auckland,
17 December 2004 - Tenon announced today that it had
received a binding ruling from the Inland Revenue Department
confirming that, if the Company’s proposed $321 million
capital return and merger of the current two classes of
shares (ordinary and preference) are approved by
shareholders (at the Company’s upcoming annual meeting of
shareholders to be held on 22 December 2004) and by the High
Court, then the “available subscribed capital” of the two
share classes would merge and be aggregated across the
merged shares.
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