NZ News wants to sell
New Zealand News, Ltd, has entered into an agreement with other shareholders of NZPA Investments, Ltd, to sell its 26.9 per cent shareholding in that company, the chairman, Mr D. L. Steven, announced to the stock exchange yesterday. The major asset of NZPA Investments is its 2.77 shareholding in Reuters PLC, the international news service.
The agreement is subject to approval of the Commerce Commission, and does not affect NZ News’ holding in NZPA Services, Ltd, the New Zealand news agency.
NZ News holds 2690 shares in NZPA Investments, which has 10,000 shares, making it the biggest shareholder. As recently as six months ago it was seeking complete com trol by offering to buy out the other shareholders at $3750 a share.
This offer was refused as being too low. If NZ News were to sell at the same price, its holding would be worth about $lO million. However, Reuters shares have risen sharply since November. NZ News has not disclosed either the pricq or the identity of the other parties in the negotiations.
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Press, 14 May 1985, Page 28
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179NZ News wants to sell Press, 14 May 1985, Page 28
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