W’bridge plans
Westbridge Holdings, Ltd. has outlined the developments behind the “don’t sell” notice it issued this week. In a statement to the Stock Exchange, Westbridge directors said agreement had nowbeen reached with an unnamed group of Auckland property investors to buy 75 per cent of a wholly owned subsidiary, to be renamed Cruise Corporation, Ltd. The directors proposed to distribute to shareholders shares on the basis of one Cruise share for each five Westbridge shares held as at September 18. They would be given the opportunity to purchase addi-
tional shares by way of an entitlement issue on the basis of one Cruise share for each 10 held. Agreement had also been reached with a group of unnamed Canterbury investors to buy 70 per cent of a wholly owned subsidiary. Bridgevale Holdings, Ltd, which would be renamed Crowe Corporation, Ltd. It is proposed to give one Crowe share for each five Westbridge shares held at September 18. ■ A separate meeting of specified preference shareholders will be held to consider the proposals on September 18.
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Press, 29 August 1986, Page 10
Word Count
175W’bridge plans Press, 29 August 1986, Page 10
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