National ‘don’t sell’
PA Wellington National Insurance Company of New Zealand, Ltd, yesterday issued a “don’t sell” notice pending a further statement from the company. This came after the disclosure on Monday by McConnell Dowell Corporation, Ltd, of its acquisition of a 25 per cent interest in City Realties in addition to its 15 per cent shareholding held in National Insurance.
National said that the “don’t sell” announcement came after a meeting between the board of National Insurance and McConnell Dowell where a number of issues were discussed. "It is intended that discussions will take place between the various parties involved to examine proposals which have been developed by National Insurance in conjunction with their independent advisers, which may lead to a major reconstruction of the group,” National said.
Particulars of proposals should be presented to shareholders not later than the annual meeting on November 29.
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Press, 13 November 1985, Page 49
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146National ‘don’t sell’ Press, 13 November 1985, Page 49
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