Forum Archive Index - August 2000

[Mike Nelson <bb2345@ihug.co.nz>]

SMR
02/08/2000
BUYBACK
 
REL: 1543 HRS Strathmore Group Limited
 
BUYBACK: SMR: STRATHMORE ANNOUNCES FURTHER BUYBACK DETAILS
 
Strathmore Group today announced further details of its share buyback
programme.      Close off date for shareholders to be on the Strathmore regisV
and eligible for the buyback has been extended from August 4 to September 11.
Executive Director Phil Norman said the move would give the company the
opportunity to provide shareholders with more detailed information on the
buyback.  Shareholders will receive the formal offer form and buy back
information memorandum and will have 10 days in which to take up the offer.
Strathmore also announced that option holders would not be eligible to
participate in the buyback. There are 5.5 million 20 cent Strathmore options
(NZSE: SMROA) on issue. Options must first be converted to ordinary shares in
order to qualify for the scheme. Option holders seeking to convert should
advise the Company's registry, Computershare, of their identity and provide
written notification to the company enclosing their cheque for the required
amount and their holder number.
On 24/07/00, Strathmore issued a 'don't sell' notice and announced plans to
restructure its balance sheet by buying back 15% of its share capital. The
buy back is to be funded by the provision of shares in Strathmore investee
company CommSoft Group Limited.
Strathmore directors and cornerstone shareholders Advantage Group, Cullen
Investments and New Zealand Funds Management indicated at the time of the buy
back announcement that they intended to take part in the scheme. The relative
stakes of all shareholders will remain the same after the buy back should
remaining shareholders accept the offer.
Mr Norman said shareholders would receive comprehensive information on which
they could make decisions about their share holding. Strathmore will announce
further details about the offer commencing next week as the final
documentation process is completed regarding the offer itself and associated
statutory compliance issues.
End
End CA:00058230 For:SMR    Type:BUYBACK    Time:2000-08-02:15:47:46 Encrypt:Y


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