Fletcher aims for 40 p.c. of Vacation

Press, 26 May 1979, Page 19

Fletcher aims for 40 p.c. of Vacation

PA Wellington The chairman of Vacation Hotels, Ltd, (Mr J. T. Sheffield), said in a statement that Fletcher Holdings, Ltd, had advised Vacation that it ' is increasing its shareholding in Vacation from 25 per cent to about 40 per cent of total issued capital.

“We understand that Fletcher views the move only as an increase in an existing investment and that it sees the present policy and management of Vacation continuing as before,” he said. “In these circumstances this expression of .confidence in the future of Vacation is unlikely to affect present staff and employees nor the remaining shareholders of [the company in any way,” | said Mr Sheffield.

Fletcher Holdings’ move has already been approved by the Examiner of Commercial Practices. Fletcher acquired a 20 per cent interest in Vacation in 1976. This was increased to 24 per cent, and will now be raised to 40 per cent by some major purchases. The decision to increase the company’s investment in Vacation was made some months ago w-hen Fletchers’ sold its 50 per cent shareholding in Auckland Intercontinental Properties, Ltd.

Vacation leases, and manages, the Intercontinental Hotel, which is . now owned by Durafort Investments, Ltd. Fletchers also has a 25 per cent interest in' the Travelodge chain of hotels.