Hawkins stake

Press, 27 January 1988, Page 33

Hawkins stake

PA Wellington The chairman of Equiticorp Holdings, Mr Allan Hawkins, will lift his control of the company to 49.3 per cent as part of the arrangements under which New Zealand Steel was taken over from the Government.

Richardson Camway, Ltd, a company controlled by Mr Hawkins, and other interests associated with him will exercise an option next March 20 to buy the shares which Equiticorp issued to the Government in payment for its 89 per cent of NZ Steel.

Equiticorp issued 92.9 million new shares to the Government when the deal was announced last October. It was agreed then that the Government would in turn be bought out of those shares on March 20, receiving a

guaranteed price of 352 c each. Equiticorp said yesterday that the shares would pass to Elfic Nominees Ltd, as a nominee holder for the Hawkins interests who would exercise the option at the same 352 c price. Elfic is a wholly owned subsisidiary of Elders Merchant Finance. The option could have been exercised at any time within two years of March 20. The payment to the Government had been provided for under an arrangement with. sharebrokers Buttle Wilson and Co. Equiticorp said that after the exercise of the option, Mr Hawkins and his interests would control a total of 234 million of the company’s shares, or 49.3 per cent of the capital.