Euro-Nat targets concerned

Press, 28 August 1986, Page 27

Euro-Nat targets concerned

PA Wellington Two different companies under threat of take-over by EuroNational Corporation, Ltd, said they believed some shareholders might have misunderstood Commerce Commission consent for the take-overs as meaning that the bids were successful. The directors of New Zealand Oil and Gas, Ltd, said in a statement to the Stock Exchange that Euro-National had ap-

proval to acquire up to 51 per cent of NZOG, but it believed the bid would fail. United Resources Investment Holdings, Ltd, said approval for EuroNational to buy 75.8 per cent of United was purely a Government regulation procedure. Most of United’s shareholders had decided to reject the offer, the company said. Meanwhile, EuroNational Australia, Ltd, the Sydney-based, 60 per cent-owned subsidiary of

Auckland financier and merchant banker, EuroNational Corporation, Ltd, has purchased the private Australian toy and hobby importing and distributing business of Toy Traders, subject to FIRB approval. The acquisition, worth sAustB million, will be settled on the basis of Euro-National Australia issuing 333,333 shares at a value of 300 c, with the balance in cash.

“Toy Traders has had a respected name in the hobby industry for some

40 years. It is a highly profitable business with a strong cash flow, but requires further capital to meet its current growth opportunities. EuroNational Australia will be able to provide the capital and financial management skills so that the company can achieve its full potential,” said the chairman, Mr Rod Petricevic.

The purchase of Toy Traders will considerably enhance Euro-National Australia’s profitability,