IFC sells holding
PA Wellington Investment Finance Corporation, Ltd, has sold its 18 per cent shareholding in Landmark Corporation, Ltd, to a private investor for $19.9 million. The selling prices were 156 c (cum bonus) for the 11,308,929 ordinary shares and 142 c for the 1,604,075 specified preference shares, IFC said in a statement.
IFC agreed to adjust the
price if the market value of Landmark shares in August, 1987, had fallen below the agreed selling price, but it would receive a minimum of 135 c and 122 c for each ordinary and specified preference share respectively. The managing director of IFC, Mr Neil Woodhams, said the minimum profit from the transaction would be $7.9 million with a maximum profit of $10.5 million.
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Bibliographic details
Press, 30 September 1986, Page 19
Word Count
123IFC sells holding Press, 30 September 1986, Page 19
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