Businessmen lift stake
PA Hamilton Hamilton businessmen, Terry Lowndes and Graham MacDonald, have lifted their stake in listed Auckland company, Agricorp Investments, Ltd, to just under 40 per cent in a further move towards the backdoor listing of their own property company. The pair, partners in Coronet Property Group,
paid $500,000 at between 62c and 65c a share for a further 13 per cent of Agricorp. Earlier this month they paid just under $1 million for a 23 per cent shareholding. Agricorp directors issued a don’t sell notice last week, but Mr Lowndes said the board was “well disposed" to his and Mr MacDonald’s shaMbuying.
Agricorp was likely to be based in Hamilton in the future, he said. Agricorp has horticultural and agricultural investments in the Waikato and Bay of Plenty. The other major shareholder, with 25 per cent, is the family of director Terry Harrison, whom Mr Lowndes has known for years and regards as sympathetic to his plans?
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Press, 23 July 1987, Page 28
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160Businessmen lift stake Press, 23 July 1987, Page 28
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