Company chairman Harold Titter told the New Zealand Exchange that said the buy-back - which was to have been by way of a Court-ordered scheme of arrangement with the intention of returning not less than NZ$85 million - would not proceed.
“It is apparent there is not a satisfactory level of shareholder support for the arrangement. As noted in the recently released quarterly result announcement (to 31 December 2003), the company is experiencing strong financial performance.
“The directors therefore consider it appropriate to pay a special dividend of ten cents per share (fully imputed) on April 2, 2004 to all shareholders registered on March 19, 2004.”
In addition, a share subdivision resulting in two shares for every one held would take place at 5p.m. on April 2, effective immediately after the dividend payment, Titter added.
