Kupe buys into Apex

Press, 12 September 1986, Page 10

Kupe buys into Apex

PA Wellington Kupe Investments, Ltd, has agreed to buy Brierley Investments, Ltd’s 50 per cent holding in Pacific Sundancer Holidays, Ltd, whose principal investment is a 47.7 per cent holdings in Apex Group, Ltd. The Commerce Commission has approved the purchase and cleared Kupe to take 100 per cent of Apex. Both Apex and Kupe have issued don’t sell notices to shareholders. Before Kupe announced the purchase of BlL’s holding in Pacific Sundancer Holidays, Apex directors issued a statement advising shareholders not to sell their

shares pending announcements from them and others which may affect the value of their shareholdings. Kupe also said its shareholders should not sell any shares in the company pending the outcome of further negotiations which could affect the value of their shares. It said a further announcement would be made before Kupe’s annual meeting on September 17. Kupe directors, Mr P. W. Grayburn, Mr G. S. A. Hamilton, A. J. Wadams and A. W. Young, have accepted appointments to the Apex board. In a joint statement, Apex’s

managing director, Mr lan Jenkinson, and Kupe’s chief executive, Mr Grahame Hamilton, said Kupe had bought into Apex because of its relatively high liquidity and solid capital base. - Mr Jenkinson said Apex directors were comfortable about Kupe’s involvement. “Kupe is clearly one of the most aggressive and vigorous investment groups in New Zealand at present,” he said. _ "We believe their shareholding will provide Apex with the opportunity to become further involved in large scale national and international investment opportunities,” he said.