Mount Hutt shareholders reject listing

Press, 2 June 1984, Page 22

Mount Hutt shareholders reject listing

Stock exchange listing was once again rejected by the shareholders of the Mount Hutt Ski and Alpine Tourist Company, Ltd, at the annual meeting. Mount Hutt has 1522 shareholders, of whom 1291 live in Canterbury. A total of 1379 shareholders have 1000 shares or less. The company’s articles provide for one vote per share up to a maximum of 1000 votes. If the shares were to be listed, the articles would have to conform to stock exchange rules which require one vote per share without limitation. About 130 shareholders in Mount Hutt hold in excess of 1000 shares. Of the 80 people who attended the meeting of the

company, which runs the Mount Hutt skifield only one person was in favour of stock exchange listing when a show of hands was called. The company’s secretary, Mr Ralph Smith, said listing could result in ownership of the company moving out of the district, which was contrary to the original intention that the skifield be developed, owned and run by a company with many small shareholders living in Canterbury. The lease from the Forest Service contained a special condition for this reason. Mount Hutt’s 100 c shares could be bought and sold through any sharebroker and had changed hands for up to 110 c during the year, he said.