Mt Hutt in $1M move

Press, 2 October 1987, Page 1

Mt Hutt in $1M move

By

MARK REYNOLDS

The directors of the Mount

Hutt Ski and Alpine Tourist Company are considering development proposals worth more than $1 million for the Mount Hutt ski-field.

They expected to announce details next week, said the chairman, Mr John St Clair Brown, at the company’s annual meeting in Methven last evening.

Although no further details could be released at present, if the company was to make a profit from the ski-field it must take the risk out of the business, he said.

“To this end snow-making facilities, and improved mountain facilities are being considered in great depth.” A development strategy for the field has been proposed by Group Delta, American ski-field consultants. Mount Hutt was in the limelight in December last year when at a stormy extraordinary meeting shareholders approved the issue of shares which gave Leisureland more than 70 per cent of the company’s total capital

Mr St Clair Brown, who is also, chairman of Leisureland, said last evening that Leisureland had since built its stake to more than 70 per cent and was now offering to buy all the shares in Mount Hutt

The offer is subject to 90 pen cent acceptance, and will close on December 1.

Terms of offer, page !•

NELSON

CHRISCHURCH