Bexley seeks control of Invesco

Press, 17 December 1985, Page 30

Bexley seeks control of Invesco

PA Wellington Bexley Group, Ltd, an Auckland-based property and investment company, is seeking a majority shareholding in the listed Invesco Group, Ltd. Invesco said that Bexley, a private company controlled by Messrs Chris Jones and lan Ward, has acquired a 19.9 per cent Invesco stake from Challenge Corporate Services, Ltd.

Subject to Commerce Commission approval, Bex-

ley is to buy further shares from Challenge and it has also reached an agreement with Williams Property Holdings, Ltd, to buy the Williams stake in Invesco. Invesco said that all these purchases would give Bexley about 53 per cent of Invesco capital. Williams, in a separate statement, said it had sold its Invesco shares to Bexley for cash, the sale being conditional on Commerce Commission approval for Bexleyjfo buy the shares. Later; Marac Holdings

said that one of its subsidiaries, Challenge Corporate Services, was divesting its 25 per cent holding of Invesco Group, Ltd, and increasing its stake in Venturecorp Investments, Ltd, to 22.5 per cent The Challenge chief executive, Mr Graham Perrin, said his company believed Venturecorp was becoming the pre-eminent venture capital fund. It had already made four investments in “pure” venture capital, and Challengejjbelieved the quality of wis

had been undervalued by the market. Venturecorp had already announced it would double the profit projections in the prospectus. The company had a balanced 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.