ComSec buys up to 48%
PA Wellington Commercial Securities has acquired more shares in Technigroup Holdings, Ltd, taking its holding to 48 per cent, the Auckland-based property developer said. The statement came after Commercial Securities was given Commerce Commission approval to take up to 50 per cent.
The shares were acquired from Emus Holdings (Auckland), Ltd, Unity Group Investments, Ltd, and M. D. Johnson — all major shareholders of Commercial Securities.
Mr Murray Tanner, who is the chairman of both companies, said the reason for Commercial Securities increasing its holding was twofold.
The acquisition represented a rationalisation through Commercial Securities of the
major shareholders’ interests in Technigroup. Mr Tanner said the present performance of Technigroup, which is in line with projections set out in its prospectus, would provide, on an equityaccounting basis, a strong contribution to Commercial Securities’ earnings. Technigroup’s performance was expected to be enhanced as a result of contributions from recent acquisitions made by that company. Mr Tanner said the close working relationship between Technigroup and Commercial Securities would continue, although they were operating in different areas.
“The original concept of floating Technigroup as an independent group of trading companies is proving to be most successful,” Mr Tanner said.
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Press, 18 January 1986, Page 23
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200ComSec buys up to 48% Press, 18 January 1986, Page 23
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