Cromwell amused

Press, 25 July 1986, Page 11

Cromwell amused

By

SIMON LOUISSON

in Wellington

Auckland investment and property company, Unity Group, Ltd, has been given Commerce Commission approval to acquire Cromwell Corporation.

Cromwell is about to be restructured and become a subsidiary of sooh-to-be floated Wellesley Resources. Cromwell, which has a market capitalisation of $l7O million, is over 90 per cent owned by Wellesley Holdings, which in turn is mostly owned by Cromwell managing director, Mr Graeme Bringans, and his wife.

Mr Bringans said in Auckland yesterday that he knew nothing about Unity seeking permission, and he dismissed the prospect of success. “They would have trouble buying 1 per cent, let alone 100 per cent They must have a lot of money if they want to buy it,” said Mr Bringans.

He suggested the bid may be a carry-over from when a number of companies were . vying for the Owens Group 38 per cent Cromwell stake, eventually purchased by Bringans. Some analysts suggested that Unity may be aiming to buy the Crom-

well shell company when it de-lists after Wellesley comes into being, but Mr Bringans said be had no knowledge of this. Unity is known to have recently head-hunted a rising star from the Brierley stable, Mr Mark Chenneils. Mr Chennell’s role in Unity has not been announced, but he was acquired at an extremely high price with options to buy shares in the seven figure range.

The joint managing directors of Unity, Mr Mark Wybourn and Mr David Muller, were not available for comment last evening. Mr Wybourn is overseas.