DB pulls out of Mt Cook bid tomorrow

Press, 6 November 1984, Page 24

DB pulls out of Mt Cook bid tomorrow

Dominion Breweries Ltd, will cease standing in the market for shares in the Mount Cook Group Ltd, with the close of trading on the Stock Exchange on Wednesday, unless its target df one million shares is reached before then. The company said last week it would be reviewing its position on Monday in its bid, begun just a fortnight ago, to increase its shareholding in Mount Cook.

When it went on the market, through the sharebroker, Buttle Wilson, on October 17, Dominion Breweries was seeking an extra million shares to take its holding in Mount Cook to 45 per cent from the 36.2 per cent it already held. At the close of trading yesterday it bad acquired a total of 730,018 shares at a cost of $5.50 for each ordinary share and $5 for each specified preference share.

The managing director of Dominion Breweries, Mr J. R. Fletcher, said this took its shareholding in the diverse transport and tourism company to 43.31 per cent. “We have achieved our objective of consolidating our position as the leading shareholder in the company,” Mr Fletcher said. “Mount Cook has many’ plans to increase its involvement in New Zealand tourism and through our participation in it we hope to be able to contribute to the enhancement of these with obvious benefits for the country’s efforts to achieve maximum overseas earnings by attracting more visitors here.”

Dominion Breweries has the approval of the Examiner of Commercial Practices to acquire up to 50 per cent of Mount Cook.