Chairlift gets nod

Press, 27 May 1981, Page 6

Chairlift gets nod

Shareholders in the Mount Hutt Ski Company last evening cleared the financial way for the installation of a $1 million treble chairlift on the mountain for next season. The 200 shareholders at the company's annual meeting at Rakaia unanimously adopted the proposals for a share issue combined with a financial package with the Development Finance Corporation.

The chairman of the, company, Mr Peter Yeoman, said .after the meeting that the business at the annual meeting was transacted in less than an hour, and the special meeting in another 90 minutes. He said that during the meeting shareholders also 'virtually unanimously” backed the directors' continuing policy of limiting the voting power of shares, and

not seeking Stock Exchange listing. ‘The shareholders realise that such listing with its one vote, one share would leave the company vulnerable to a take-over, and wish the D.F.C. to continue as our financial backer.” he said. At the meeting shareholders were able to sit in a demonstration model of one of the 155 chairs which will comprise the chairlift.