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Court approves NGC shareholder return

The High Court of New Zealand has conditionally approved NGC Holdings' scheme of arrangement to r...

Court approves NGC shareholder return

The High Court requires the proposal be put to as a special resolution for shareholders approval at NGC's 2003 annual meeting on October 30. If shareholders approve the capital return, NGC will then seek a final High Court ruling to enable it to make the capital return to shareholders, which is expected to be made in early December.

The proposal involves the pro-rata, compulsory cancellation of three in seven shares for a cash payment to shareholders of $1.58 per cancelled share.

As well, the Inland Revenue Department has ruled the return will not be treated as a dividend and will therefore be tax free to most shareholders.

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