Cruise buys bank
PA Wellington Cruise Corporation, Ltd, has bought Telesis Corporation, Ltd, an Auck-land-based, unlisted public investment bank. The acquisition of Telesis will be made largely through the issuing of new shares in Cruise. The directors of Cruise say Telesis brings a strong asset base to Cruise with equity investments in public and unlisted companies, fixed-term deposits, and the ownership of a number of cashgenerating businesses. Cruise said it would retain the other company’s board and management; DFC New Zealand, Ltd, will have a shareholding
of more than 10 per cent in the enlarged Cruise. The Cruise directors said the acquisition would also increase share-
holders’ funds more than 80 per cent. Cruise has lifted the “don’t sell” advice, issued on Wednesday.
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Press, 27 June 1987, Page 25
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123Cruise buys bank Press, 27 June 1987, Page 25
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