J. Burns stake
PA Wellington Richmond Development Corporation, Ltd, is to sell a majority shareholding in John Burns and Company, Ltd, to London Pacific, Ltd, Richmond said in a statement to the Stock Exchange. • The sale of John Burns, an Auckland-based hardware and machinery merchant, becomes effective on November 30.
Richmond, formerly called Jedi Corp, said the parcel of 26,644,148 shares or 80 per cent of John Burns, would be sold at a price “which reflects net asset backing at the time of sale”. As at September 23, Richmond held 97.72 per cent of the company. The sale is subject to Overseas Investment Commission approval.
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Press, 30 September 1986, Page 19
Word Count
105J. Burns stake Press, 30 September 1986, Page 19
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