Private buyer for James Aviation

Press, 9 August 1980, Page 18

Private buyer for James Aviation

PA Wellington James Aviation, Ltd disclosed last night that a newly-formed company had taken over 60 per cent of its shares, and was negotiating to buy the rest. The buyer was Agricultural Holdings of New Zealand, Ltd, recently incorporated in Wellington, the James Aviation directors said in a statement.

They said that they understood that the negotiated purchase price in all cases was not greater than the market price of James Aviation shares. “The contracts of sale are understood to be conditional also upon the obtaining of statutory consents, including the consent of the Air Services Licencing Authority,” they said. The directors believed that the new company “is intended to be owned by a group of New Zealand private investors who do not include any present competitors of James Aviation, or any major public companies as suggested in newspaper articles, the statement said. “They are understood to believe that their involvement. and the involvement of other proposed participants, will enable James Aviation to enjoy more secure trading conditions in the future. “It is therefore understood that the acquisition is for the benefit of the company, its subsidiaries, and customers.

“The directors believe Agricultural Holdings is very conscious of its obligations to minority shareholders.

"They are discussing the possibility of a formal takeover offer being made by Agricultural Holdings for the acquisition of the minority shares.

“The directors expect to be able to make available details of these discussions shortly.

“The directors have been informed that no changes in the management of the company, its staff, or in its trading activities are at present contemplated by Agricultural Holdings of New Zealand.”