Sale
In 1987, Petrocorp became a publicly listed company on the New Zealand Stock Exchange, due to a 30% share sell down by the Government. Petrocorp issued new shares that represented 30% of the total shares in the company and 15% were sold by tender to Fletcher Challenge with the remainder offered via a share float. On 3 March 1988, Fletcher Challenge agreed to purchase the remaining 70% of the governments' shares in the company for NZ$801 million via a "put and call" agreement. This was the same price previously offered by British Gas plc but rejected because of conditions requested by British Gas on the sale.
The final transaction involved the purchase of shares in PetroCorp by Fletcher Challenge with payment in Fletcher Challenge shares that were then sold by the government on 16 December 1993.
Read more about this topic: Petrocorp
Famous quotes containing the word sale:
“I keep thinking that what I need
to do is buy my leg back.
Surely it is for sale somewhere,
poor broken tool, poor ornament.
It might be in a store somewhere beside a lady’s scarf.”
—Anne Sexton (1928–1974)
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)
“I hate this shallow Americanism which hopes to get rich by credit, to get knowledge by raps on midnight tables, to learn the economy of the mind by phrenology, or skill without study, or mastery without apprenticeship, or the sale of goods through pretending that they sell, or power through making believe you are powerful, or through a packed jury or caucus, bribery and “repeating” votes, or wealth by fraud.”
—Ralph Waldo Emerson (1803–1882)