Legal go-ahead for port recap

The company plans to cancel 1 in every 8 shares held with shareholders receiving $7.00 for each share cancelled.

"The company was required to make an application to the court as part of the capital distribution process. There were no objections and the application was subsequently approved," POT says.

The capital distribution will restructure the company's balance sheet by returning surplus capital and replacing it with interest-bearing debt.

The distribution, which is tax free, will reduce the company's shares on issue by 9.6 million to 66.9 million. The record date is February 8, 2002.

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