First skifield for listing

Press, 14 March 1985, Page 30

First skifield for listing

The public will be offered shares in the Cardrona skifield in Central Otago in the first field to be listed on the Stock Exchange. The only freehold commercial skifield in the country, Cardrona, has been developed as part of the Waiorau station, owned by Mr John Lee.

The issue is of 6,699,000 $1 shares at par. Of these:

• 1,800,000 will be available for subscription in a public pool. • 1,500,000 will be taken firm by the organising brokers for allocation to brokers, their clients, and associates. ’

• 3,379,000 shares will be issued to the promoters for the purchase of shares in Waiorau Holdings, Ltd. Waiorau Holdings now owns the land on which the skifield is sited.

The promoters are Mr Lee; Mr William Dueease, who is an American resident in Queenstown; Mr lan Farrant, a director of Apex Group, Ltd, the listed investment company in which the Primary Producers’ Co-

operative Society has a major shareholding; Mr Patrick Fengley, who is associated with ski-ing; Mr Lloyd Dunn, chairman of the Wanaka Community Council; and Mr Jim Nelson, a local sportsman. The Apex Group is underwriting the issue. The broker for the issue is Forsyth Barr and Company, of Dunedin.

Part of the proceeds of the issue will be used to finance new chairlifts, buildings and the acquisition of plant and vehicles. The Cardrona skifield will be good for intermediate skiers, and beginners according to Tim Dunbar, skiing reporter for "The Press.” It has been open to the public for two seasons. It has a double chair lift but a quad (four to a seat) lift was being installed over the summer. The field is close to Wanaka — and Queenstown when the Crown Range Road is passable.

The issue will open on April 26; the prospectus will be registered on March 26.