Richmond cancels purchase
PA Wellington Richmond Smart Corporation has cancelled the agreement to buy Mr Oily Newland’s shareholding interest in Landmark Corporation. The grounds for cancellation are that Mr Newland allegedly misrepresented to Richmond Smart the amount of his shareholding and failed to disclose essential information about the affairs of the company. Mr Stephen Smart and Mr N. G. Burton will immediately resign from Landmark’s board of directors. Richmond Smart’s Australian subsidiary, Hooper Bailie Industries, met yesterday to decide whether they will continue with their take-over offer.
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Press, 24 September 1988, Page 33
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87Richmond cancels purchase Press, 24 September 1988, Page 33
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