Rescue vote
Barrier Reef ■ Holdings shareholders have approved a rescue package giving Japanese property and leisure group, EIE International Corp, more than 50 per cent in the troubled hotel operator. EIE, through wholly owned subsidiary, Laradell Pty, will subscribe to 28 million fully paid Barrier Reef shares at Aust3oc cash each. This injects sAustB.4M (SNZI2.O9M) into Barrier Reef, which made a net operating loss of $4.18M (SNZ6.OIM) in the year ended June 30, 1988, compounded by a $3.21M (SNZ4.62M) extraordinary loss.
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Press, 27 February 1989, Page 29
Word Count
81Rescue vote Press, 27 February 1989, Page 29
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