Mt Hutt offer finished

Press, 8 December 1987, Page 30

Mt Hutt offer finished

Leisureland Corporation has withdrawn its takeover bid for the balance of the shares in Mount Hutt Ski and Alpine Tourist Company. The chairman, Mr John St Clair Brown, said that condition of receiving 90 per cent of the share capital had not been satisfied. Acceptances at December 1 meant Leisureland would hold 80% of the ordinary shares and 75% of the preference shares. Consideration would be given to making an alternative offer. A three-year development plan for the Mount Hutt ski-field was being considered by the directors. This included new chairlifts, snowmaking for an earlier start to the season, improvements to road and base facilities, an alternative access to the mountain, and electric power on the field. Work had already started on supplying power to the mountain and this would be finished in May, he said. Completion dates for the various parts of the development plan would be announced as the contracts were approved. Further details of improvements and additions to be completed for the 1988 ski season should be announced later this month, he said.