Revaluations boost Kiwi Property, Steel & Tube cuts forecast after re-analysing data
Steel & Tube
Steel & Tube Holdings Ltd followed the Commerce Commission back into court yesterday as both filed appeals against a fine imposed last month relating to the company’s steel mesh.
Steel & Tube Holdings Ltd chair Susan Paterson & director Anne Urlwin were re-elected at the company’s annual meeting in Auckland yesterday, Ms Paterson with 94.24% support, Ms Urlwin with 93.97% – a rebuff for anyone who thought the company had previously been on the right track and was now on the wrong one.
Steel & Tube Holdings Ltd was fined $1.885 million in the Auckland District Court yesterday for breaching the Fair Trading Act by making false & misleading representations.
Steel & Tube Holdings Ltd goes to its annual meeting next Thursday with Fletcher Building Ltd no longer bidding for a takeover, and a brokerage replaced by NZ Steel Ltd as a large shareholder.
Fletcher Building Ltd dropped its on-the-quiet attempt to buy fellow NZX-listed company Steel & Tube Holdings Ltd yesterday, 3 hours after Steel & Tube told the exchange a revised offer still undervalued it.