Rangatira gets nod for McAlpine bid
Rangatira, Ltd, the private Wellington investment group, belonging to the McKenzie Trust, is seeking to restore its shareholding in McAlpine Industries, Ltd, the Auckland-based refrigeration group, back to 51 per cent. The Examiner of Commercial Practices yesterday gave approval to Rangatira to acquire 100 per cent of McAlpine Industries, but Rangatira’s company secretary, Mr I. G. McKegg, said that the 100 per cent in the approval notice was just a formality, and that 51 per
cent was the figure sought. Rangatira’s investment in McAlpine’s had been watered down from 51 per cent to between 44 per cent and 45 per cent after the issue of 600,000 new shares to Email, Ltd, of Australia, last year. The company had been buying shares in McAlpine’s since the Email issue and was getting close to 50 per cent. The Examiner’s approval to go above 50 per cent was required, and the previous approval that Rangatira held had already expired, he said.
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Press, 12 March 1985, Page 26
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164Rangatira gets nod for McAlpine bid Press, 12 March 1985, Page 26
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