QRL’s reply satisfies
PA Wellington The Stock Exchange is satisfied with an explanation from the new board of Queenstown Resorts, Ltd, regarding its shareprice, and the timing of its announcements to the exchange last week. The exchange inquired on Friday into a sharp appreciation of QRL’s shareprice. The company replied that it knew of no reason for the sudden movement.
But only hours later, a joint statement said QRL was to acquire unlisted
Hobson Developments, Ltd. “It was basically a matter of timing,” the executive director of the exchange, Mr Roger Gill, said yesterday. At the time the inquiry was first made, the board membership was “literally” in the process of changing over. “They (the new board) considered that making an announcement straight away would explain the situation,” Mr Gill said. “I am quite satisfied with their explanation under the circumstances.”
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Press, 9 July 1986, Page 33
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141QRL’s reply satisfies Press, 9 July 1986, Page 33
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