Newland set to sell holding

Press, 17 June 1988, Page 18

Newland set to sell holding

PA Wellington Tough times in the market place have led the executive chairman of Landmark Corporation, Mr Oily Newland, to a conditional agreement to sell his entire holding in the company he founded to Richmond Smart Corporation, Ltd. The move is the first in a series to merge the two companies’ business operations. Mr Newland is to sell his 30 million shares and 7.5 million voting rights for a "value package” which will leave him without a stake in either company. He said the content of the package was a private matter but that he would not be getting any Richmond Smart scrip. He did not rule out the possibility that some property was involved. In a second deal, Landmark shareholders will be asked to vote on the issue of a further 30.3 million Landmark shares to Richmond Smart in return for the assets of Strym'o Holdings, a Richmond Smart company which

has a holding in a Queen Street building. Mr Newland put its value baSed on the most recent valuation at $29 million. If shareholders agree at the extraordinary general meeting to be held on June 30 in Auckland then the Newland sale will proceed giving Richmond Smart 44 per cent of Landmark’s diluted capital. Mr Newland said his current holding in Landmark was equal to about 25 per cent of the 122 million shares on issue. Mr Newland’s management contract with Landmark has been terminated, but he will remain a director and will offer his services as a consultant. Richmond Smart shareholders are also due for a reshuffle. The chairman, Mr Harold Titter, said they would soon get an offer to exchange their shares for shares in a new Australian company, Richmond Smart International, listed in Australia and based in Sydney.