On 28 April 2017, Tenon announced that it had completed the sale of its last business, its Clearwood business based in Taupo, New Zealand, to Tenon Clearwood Limited Partnership. On that date, Tenon also cancelled one out of every two ordinary shares held by each shareholder, with shareholders being paid either NZ$3.8036 or US$2.6540 (depending on the individual shareholder’s currency election) per each cancelled share.
With the sale of Clearwood completed, Tenon has entered its wind-down and voluntary liquidation phase. The Company intends to delist from the NZX Main Board on Thursday 27 July 2017 and commence the voluntary liquidation of the Company at the end of October 2017 with any net cash remaining being distributed to shareholders at the conclusion of the liquidation. See previous announcements made by Tenon under the “Investors” tab above for details of the above matters.