Merger legally completed
The legal merger of CBS Canterbury, Southern Cross Building Society and Marac has been completed with the allotment of shares in holding company Building Society Holdings (BSH).
The legal merger of CBS Canterbury, Southern Cross Building Society and Marac has been completed with the allotment of shares in holding company Building Society Holdings (BSH).
The shares were transferable as of today, but were not expected to list on the NZX until January 31, BSH said.
Former CBS Canterbury shareholders now have 13.04 percent of BSH, with former Southern Cross shareholders having 14.75 percent.
The remaining 72.21 percent is held by Marac owner Pyne Gould Corporation, which has said it intends to distribute to its shareholders most of the holding in BSH and to place the rest.
The ultimate intention of the merger parties is for Combined Building Society, operator of the merged businesses, to become a registered bank, for which it will have to meet Reserve Bank registration requirements.
NZPA
Fri, 07 Jan 2011
Fri, 07 Jan 2011
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Merger legally completed
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