CHH exits NZSX on Friday

Carter Holt Harvey will make its final exit from the New Zealand stock exchange at the close of trading next Friday.

Billionaire Graeme Hart - whose stake in the company topped 93 per cent this week - yesterday declared his intention to compulsorily acquire all the outstanding shares.

Exchange rules dictate that it will officially de-list five trading days after that declaration.

During his long-running takeover bid, Hart had threatened shareholders who did not accept with the prospect of having to wait up to 35 days for their money - the maximum time he had up his sleeve to declare a compulsory acquisition.

But, in the end, Hart has decided on a quick delisting so he could get to work on his (as yet undisclosed) vision for the company. Once the third biggest stock on the exchange, CHH was already due to be dropped from the benchmark NZSX-50 index on Monday.