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delisted following the completion of the Company's selective reduction of capital


we understand Futuris Corporation held approx 35% of issued shares in Innerhadden prior to it becoming a wholly owned subsidiary of Futuris after its shareholders approved a selective captial reduction in Jan 2000 - the offer made to Innerhadden shareholders was a choice of either a direct shareholding in Bristile Ltd (and unlisted call options to buy further Bristile shares) or a cash alternative as consideration for the cancellation of their shares - shareholders could choose between a Bristile script alternative of 4 Bristile shares plus 4 options to acquire further Bristile shares from Innerhadden at a strike price of $1.40 for every 11 Innerhadden shares they held; or a cash alternative of 40 cents for each Innerhadden share held which represented a premium of 33% to the share price at that time


we understand that on or about this date the company made an in specie distribution of 4 shares in Bristile Limited for every 11 shares in the company

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