Challenge Servs swaps holdings
Challenge Corporate Services, Ltd, the Auckland investment bank, announced yesterday that it is divesting its 25 per cent holding of Invesco Group, and increasing is stake in Venturecorp Investments, to 22.5 per cent. The chief executive of Challenge Corporate Services, Mr Graham Perrin, said “we believe that Venturecorp is becoming the pre-eminent venture capital fund in New Zealand. It has already made four investments in “pure” venture capital, the quality of which
we believe the market has undervalued.” Venturecorp has already announced that it will exceed by double the profit projections in the prosE ectus. The company has a alanced short term return from fixed interest and position taking, with a medium to long term return from its venture capital investments. “We see our stake as a medium-term strategic position,” said Mr Perrin. Challenge Corporate Services previously held 10 per cent of Venturecorp.
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Press, 14 December 1985, Page 22
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147Challenge Servs swaps holdings Press, 14 December 1985, Page 22
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