Tenon shareholders had approved all resolutions relating to the sale of its remaining Clearwood Business to Tenon Clearwood Limited Partnership and the associated Capital Return, as the company said in the press release received by Lesprom Network.
After the completion of the Clearwood sale, Tenon will have no operating assets and intends to enter a wind-down phase, including de-listing from the NZX Main Board on 31 July 2017, and eventual liquidation of the business.
Completion of the sale of the Clearwood Business is to occur on 28 April 2017. Subject to receipt of final High Court orders relating to the Capital Return, one out of every two Tenon shares on issue will be cancelled, and a Capital Return of $1.327 per existing share (or $2.654 for every ordinary share cancelled) is expected to be made on or shortly after completion of the sale.
