AHI will buy cross-shares

Press, 14 December 1985, Page 23

AHI will buy cross-shares

PA Wellington National Bloodstock Corp, Ltd, and Euro-National Corp, Ltd, are to sell their investments in each other through share sales to Alex Harvey Industries, Ltd, which will end up with nearly 50 per cent of EuroNational. A statement to the Stock Exchange from Carter Holt Harvey, Ltd, of which AHI is now a wholly owned subsidiary, said that a wholly owned subsidiary of Euro-National had agreed to sell 537,800 National Bloodstock ordinary shares to AHI for 285 c a share. AHI would then on-sell the National Bloodstock shares (which represent 9 per cent of the company’s capital) at the same price. A wholly owned subsidiary of National Bloodstock and other parties had agreed to sell 2.5 M EuroNational ordinary shares to AHI for 376 c a share.

Following these transactions, which are subject to

Commerce Commission consent, National Bloodstock’s representatives on the EuroNational board, Messrs D. W. and S. B. Phillips, would “The result of these transactions will be that National Bloodstock Corp, Ltd, and Euro-National Corp, Ltd, will have sold their respective investments in each other," the statement said.

“Accordingly, each company will be acting independently and will be reinvesting the additional cash in business opportunities in line with their existing and prospective areas of activ-

Carter Holt Harvey’s executive chairman, Mr Richard Harvey, told NZPA that the prices agreed were in line with market values when the deal was struck, but there had been significant price movements since. He said that when the transactions were comB 1 AHI would have its shareholding in the Auckland-based investment company to 49.9 per cent