Blair buy

Press, 25 September 1987, Page 10

Blair buy

Primacq Holdings (formerly Rainbow Properties) has sold the 25 per cent stake in Christchurch-based investment company, Prime West Corporation, it bought in November, 1986. The parcel of 56 million shares has been bought by Prime West’s managing director, Mr Neil Blair, and his associates. The average cost of the shares was 16c, giving a total price of $8.96M. Primacq’s managing director, Mr Ken Wikeley, said the sale reflected the change in philosophy and direction of Primacq since its executive directors bought the 60 per cent interest in their company previously held by Rainbow Corporation. Mr Wikeley said that although Primacq had every confidence in the long-term growth potential of Prime West, the company believed Primacq’s funds could be more effectively used in other fields.

“Primacq has already moved into the financial services sector and further expansion into related areas is planned,” he said. He said Primacq would continue to have a base in property but would concentrate on a small number of high-quality developments and broaden its range of activities to generate improved cash flow and greater income.

Prime West’s general manager, Mr Paul Niederer, said his company’s relationship with Primacq had been excellent, with benefits to both sides.

“Nevertheless, we welcome the increased involvement of our directors and staff and we can see a steady continuation of, the good growth evidenced in the last year.”