Receivers for Bexley named
PA Wellington Receivers have been appointed for Bexley Corp after its directors last week asked the Bank of New Zealand to take the step. Mr Jeffrey Metlzer, of Ernst and Whinney, said yesterday he and Mr Warwick Peacock, of the same firm, had been appointed receivers for Bexley and seven subsidiary companies. Bexley recently announced an over-all $10.5 million loss for the half year ended last September 30. It is 25 per cent-owned by Commercial Securities which was put into receivership last Friday by its principal financiers.
Bexley has a 22 per cent shareholding in Commsec. Meanwhile, the chairman of High Corp, Mr John Lane, said the only direct financial relationship between High Corp and Bexley was the joint venture to construct an office/retail complex in Karangahape Road, Auckland. This is being carried out through Hibex, Ltd. Mr Lane said there were no inter-company loans or other deals. High Corp, a public company not listed on the Stock Exchange, does not have any investment in Bexley, but Bexley does have a 48 per cent holding in High Corp shares.
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Press, 10 February 1989, Page 18
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183Receivers for Bexley named Press, 10 February 1989, Page 18
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