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.

In accordance with changes to Tenon’s Constitution approved by Tenon shareholders at the Special Meeting held on 20 March 2017, the Board intends to appoint liquidators at the end of October 2017 (i.e. following the expiry of the Shareholder-approved six month period after the closing of the Clearwood sale and payment of the second capital return on 28 April 2017). The liquidators will then take control of Tenon.

Tenon has previously stated that it expects surplus cash to be available for distribution to shareholders upon completion of the Company's liquidation. Although subject to uncertainty, based on information available at the date of de-listing, Tenon believes that the cash surplus upon completion of the liquidation will be around US$4.7 million. The Company’s current expectation is that provided there are no delays (for example with tax clearances) any such payment should be able to be made prior to the end of December 2017.

See previous announcements made by Tenon under the “Investors” tab above for details of the above matters.