Jarden sale for review
PA Wellington Jarden Corp, Ltd’s sale of Woolrest Corp to its original owners will be discussed at an executive meeting of the New Zealand Stock Exchange next week. The exchange is concerned Jarden Corp may have breached section 453 of the exchange’s articles of association which requires a special general meeting of shareholders to approve a sale of assets worth more than 20 per cent of shareholders funds.
Jarden Corp yesterday advised the Stock Exchange Woolrest was sold for $15.6 million or 10 per cent of Jarden Corp’s capital. The sale price exceeded net tangible assets of Woolrest at June 30 by about $2.6 million, the managing director of Jarden Corp, Mr John Benton, said.
The company also advised the exchange that Jarden Corp directors control either directly or indirectly more than 50 per cent of Jarden Corp, Ltd.
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Press, 24 July 1987, Page 18
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143Jarden sale for review Press, 24 July 1987, Page 18
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