Feltex sells holding

Press, 29 May 1981, Page 22

Feltex sells holding

PA Wellington Mr Harold Titter, managing director of Feltex New Zealand, Ltd, announced yesterday afternoon that Feltex had sold its holding in Henderson and Pollard, Ltd, to Carter Holt Holdings, Ltd. The Feltex holding was sold at prices which will result in a capital gain to Feltex of about $2.8 million. Commenting on the sale, Mr Titter said, “because of the difficulties in obtaining the necessary approval under

the Commerce Act, Feltex has been unable to achieve the shareholding initially sought. “We do not see a continuing small minority position in Henderson and Pollard as attractive.” v . Mr Titter added that the current offer made by Feltex, of 535 c for every Henderson and Pollard ordinary share and 410 c for every, preference share would remain open until June 23. The joint managing direc-

tor of Carter Holt, Holdings (Mr R. H. A. Carter) said that Carter Holt was particularly pleased to have been able to gain a -significant shareholding in Henderson and Pollard, which they see as being strategically important for them for the future. Meanwhile, a third major buyer of H. and P. shares appeared in the sharemarket yesterday, and picked up 100,000 shares at 550 c —15 c more than the revised Feltex offer. . ~ ■