Not Durafort

Press, 2 October 1987, Page 11

Not Durafort

Mr Andrew Robinson, a director of Durafort Investments, said yesterday that the article in Wednesday’s “The Press” headed “Bascands not in Strathmore sale” incorrectly stated that Mr Angus Fraser, Mrs Carol Todd, and Mr Clive Currie represented Durafort on the board of directors of Strathmore until early this year. He said these three people were all directors of Strathmore in their own right and Durafort did not have a representative on the Strathmore board until Mr Bryan

Robinson was appointed in June this year. “Durafort, as passive investors do not normally seek board representation,” he said. He said the former Strathmore Group was owned 50 per cent by Durafort and 50 per cent by Mr Clive Currie. This company was mainly involved in the ownership and operation of "More” magazine and had 50 per cent ownership of Bascands, the Christchurchbased printers. When “More” magazine was sold into the new Strathmore Group, Durafort purchased the 50 per cent stake in Bascands, Durafort retains this interest He said Durafort is still the beneficial owner of 11.5 million shares (about 19 per cent) in Strathmore. Omnicorp Investments is the major shareholder in Strathmore.