Wellesley controls Cromwell
PA Wellington An unlisted public company, Wellesley '■ Resources, Ltd, now owns more than 50 per cent of a listed Wellington-based property company, Cromwell Corporation, Ltd. Wellesley said earlier that it was seeking 51 per cent of Cromwell, offering nine 50c Wellesley Resources shares for each Cromwell share or 450 c a share cash.
Late yesterday afternoon, Wellesley said it had acquired about 2.5 m Cromwell shares on and off-market.
These, on top of its previous 27.27 per, cent Cromwell holding, result in Wellesley having a shareholding “in excess of 50 per cent of Cromwell.” Wellesley, controlled by Cromwell’s managing director, Mr Graeme Bringans, has Commerce Commission approval to acquire 100 per cent of Cromwell. It said it did not intend to proceed past 51 per cent.
It was intended to retain Cromwell as a listed company, with the Owens Group holding 36 per cent.
Wellesley would consider an application for listing in due course.
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Press, 27 February 1986, Page 23
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157Wellesley controls Cromwell Press, 27 February 1986, Page 23
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