Tenon, which is preparing to wind up as a company after agreeing to sell its remaining North American and New Zealand businesses, says it expects to have a cash surplus of about US$4.7 million to return to shareholders after liquidation.
The company said today it has finalised the net working capital adjustments required under the agreements relating to the US$100 million sale of its US operations to New York-based buyout firm Blue Wolf Capital and the US$55 million sale of its Clearwood mill in Taupo to a group of US and New Zealand investors led by Tenon’s controlling shareholder Rubicon.
Tenon returned US$71 million, or $100 million, from the US sale via a share cancellation in December, and a second capital return of about US$43 m…
Read the full article at: https://www.nbr.co.nz/article/tenon-says-cash-available-shareholders-after-liquidation-likely-be-us47m-b-204864
