AHI contract not yet signed
PA Auckland Alex Harvey Industries, Ltd, does not yet have a signed contract pertaining to the sale of its 51 per cent holding in Vacation Hotels, Ltd, to Singaporean investors. The company said yesterday that although the approval of the Overseas Investment Commission had obtained, certain other conditions had to be met before the contract of sale became unconditional. When that stage was reached, probably next week, the company said, full details of the sale as specified in the listing requirements of the
Stock Exchange would be provided. The Stock Exchange Association said it was disappointed that the Overseas Investment Commission and the Examiner of Commercial Practices had limited further acquisition of Vacation Hotels’ capital by the Singapore interests. The move denied the small shareholder any chance to participate in an “on Market" offer. It was frustrating that these small shareholders would have no chance to make an investment decision at a time when the control of their company has changed, the association said.
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Press, 29 May 1982, Page 20
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169AHI contract not yet signed Press, 29 May 1982, Page 20
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