Fletcher Building has reached its $750 million equity raising target after selling 20.2 million shares under its retail shortfall bookbuild, at a premium price to the entitlement offer but a discount to the trading price of the shares.
Bad headlines about Fletcher Building have overshadowed a business with "healthy prospects" and a new management team that is "a catalyst for change", says listed investment fund Kingfish.
This table from Fletcher Building’s results presentation on Wednesday clearly shows the company’s incompetent corporate governance.
Attempts by the Commerce Commission to investigate reports of anti-competitive behaviour by Fletcher Building in Christchurch failed to come up with evidence, Commission chairman Dr Mark Berry told the Commerce select committee on Thursday.
Fletcher Building is lobbying National MPs to try to block Government moves to bring down building materials costs.
The New Zealand Transport Agency (NZTA) has picked the Australian-led Wellington Gateway Partnership as the preferred bidder for the NZ$1 billion Transmission Gully . The decision came two months earlier than Prime Minister John Key indicated as recently as October 30.
Construction on the controversial Transmission Gully motorway road link would begin in the second half of next year, Prime Minister John Key told Wellington's Chamber of Commerce.