W. Neill to sell stakes
PA Wellington Wilson Neill, Ltd, has agreed to sell its 33.07 per cent holding in Stewart Island salmon exporter, Big Glory Seafoods, Ltd, at 108 c a share. Managing director, Mr Colin Herbert, said he regretted having to sell the shareholding, but Wilson Neill had a long- standing marketing agreement with New Zealand Salmon and the sale would remove the
conflicts inherent in involvements with both groups. The Saudicorp representatives on the board of Big Glory, Mr Roger Gaskell and Mr Chris Batten, will resign their positions. In a separate statement, Clypex Resources, Ltd, said it had acquired through . an associated company, Clypex Investments, Ltd, a further 18 per cent interest in Big
Glory. The transaction takes its holding to 4,476,200 ordinary shares, representing 49.7 per cent of the issued capital of Big Glory. The shares acquired represent the purchase of the Saudicorp holding and the holdings of several private individuals. Prices paid for the shares ranged from 180 c to 260 c each, with an average cost of 188 c.
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Press, 7 May 1987, Page 41
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176W. Neill to sell stakes Press, 7 May 1987, Page 41
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