Gift Duty Hurdle To Ansett’s Offer
(New Zealand Press Association) AUCKLAND, August 24. Ansett Transport Industries’ plan to hand over its 49 per cent shareholding in South Pacific Airlines of New Zealand to the airline’s employees has run into legal difficulties.
The general manager of S.P.A.N.Z. (Captain R. D Daniell) said in Auckland today: “The business has become quite complicated by gift duty and other factors.” He said the Ansett execu-
tive directors, Mr R. R. Walker and Dr. H. W. Poulton, had been unable to resolve the problem before leaving Auckland last Friday Mr Walker announced last Tuesday after discussions with the Government, Ansett had decided to withdraw from S.P.A.N.Z. and to give its shares, with an'issue value of £76,000, to S.P.A.N.Z.’s 70 employees. He said Ansett would also write off a £27,000 debt owed by S.P.A.N.Z. for aircraft overhaul and cash advances, and make a cash gif of up to £lO,OOO to help S.P.A.N.Z.’s promotional plans. Captain Daniell said today that, in spite of the complications that had arisen, particularly with gift duty, “there is no change in the Ansett intention.”
“Ansett experts in Australia are now working on the matter, but it may take several weeks to arrange,” he said.
Gift Duty Hurdle To Ansett’s Offer
Press, Volume CIII, Issue 30528, 25 August 1964, Page 3
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