01/09/2014 - 14:46

Kresta shares fall on Chinese takeover lapse

01/09/2014 - 14:46

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Shares in Kresta Holdings slumped today after its major shareholder, China-based Aplus, announced that it had fallen short of its required 90 per cent threshold for compulsory acquisition.

Shares in Kresta Holdings slumped today after its major shareholder, China-based Aplus, announced that it had fallen short of its required 90 per cent threshold for compulsory acquisition.

In June, Kresta announced that Aplus would offer 23 cents for every Kresta share it didn’t own, valuing the Malaga-based blind and window manufacturer and retailer at about $35 million.

At the close of the offer, Aplus held an 85.3 per cent stake in Kresta, just shy of its 90 per cent target.

As a result, Kresta said it would remain listed on the Australian Securities Exchange, with all of the remaining shares to be available for trade.

“Aplus looks forward to being able to support the board and management of Kresta as they continue to build (the company) for the benefit of all remaining shareholders,” Aplus said in a statement.

Last week, Kresta flagged a $1.4 million loss for the end of the financial year, down from $1.5 million net profit in the previous year.

Kresta’s share price closed 10.8 per cent lower at 20.5 cents per share.

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