Equiticorp denies reports

Press, 7 October 1987, Page 37

Equiticorp denies reports

PA Auckland Australian reports that Feltex International, Ltd, now an Equiticorp subsidiary, is about to grab the 42 per cent of Monier, Ltd, at present held by Equiticorp Tasman, Ltd, were dismissed yesterday by Equiticorp Tasman chairman, Allan Hawkins.

He said that the press comment was pure speculation. No capital moves concerning the

companies mentioned were imminent. Mr Hawkins confirmed his earlier statement that Equiticorp Tasman had not done as well for its shareholders as it should have, but the situation would be corrected. Meanwhile, Equiticorp Holdings, through its subsidiary Equiticorp Industries, Ltd, has lifted its holding in Feltex to 53.2 per cent through the purchase of a further 1,809,000 ordinary shares

at an average price of 430 c each. The hold, of Equiticorp has also strengthened on the British financial services company Guinness Peat Group Pic. Equiticorp said it has received acceptances relating to a further 7.9 per cent of GPG, bringing its total ownership to 58.6 per cent. Equiticorp says it intends to take its share in both companies to 60 per cent.