Mt Hutt merger plan put off
New Zealand Ski Fields, Ltd, has decided to await the outcome of this evening’s meeting of the Mount Hutt Ski and Alpine Tourist Company, Ltd, on proposals by Leisureland Corporation, Ltd, before deciding on any proposals of its own.
New Zealand Ski Fields (NZSF), which runs the Turoa Skifield on Mount Ruapehu and which yesterday announced it was seeking Stock Exchange listing early next year, had announced on Tuesday that it was seeking a merger with Mount Hutt.
However, Mr Stephen Franks, a solicitor of Chapman Tripp Sheffield Young, of Wellington, which is acting for NZSF, said last evening that the skifield company had de-
cided not to pursue the merger proposal at this stage. NZSF had put a number of proposals to the Mount Hutt board a week ago, he said.
“We don’t rule out a merger. There could be a range of benefits for the shareholders of both companies, and the skifields, but we are going to wait and see if the Leisureland Corporation bid is rejected.” The chairman of Mount Hutt, Mr Peter Yeoman, said yesterday that proposals had been put to the company by NZSF, but nothing had yet come of it.
The company had yet to see any documents, he said.
The Leisureland proposals include Mount Hutt share-
holders approving the issue of sufficient 100 c shares at a premium of 100 c each to give Leisureland 51 per cent interest. The issue would raise $2.2M for the skifield company.
The Press Association reports from Auckland that Turoa Skifields, Ltd, a wholly owned subsidiary of NZSF, had a record season in 1986 with gross revenue up 32 per cent.
Plans for 1987 included the installation of a $2 million quad chairlift and the construction of a $750,000 lodge in the Turoa ski village.
A firm of consultants from North America had been engaged to prepare a development plan of the Turoa Skifields which envisaged a doubling of capacity in the next four years. Carter Holt Harvey, Ltd, which formerly owned the Turoa field, would keep a 32 per cent shareholding in NZSF.
A prospectus for the public share issue would be available early next year.
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Press, 18 December 1986, Page 36
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366Mt Hutt merger plan put off Press, 18 December 1986, Page 36
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