Guthrie seat for sale
The futures exchange membership owned by Guthrie Brokers, part of the failed Guthrie Financial Corporation, is to be sold by tender.
The New Zealand Futures Exchange, which is acting as an agent for Guthrie’s receivers to sell the trading membership, announced the tender offer yesterday. The exchange’s managing director, Mr Len Ward, said yesterday that while it was not common for memberships to be sold by tender, it was not common for the exchange to be selling a membership in the first place. The exchange was involved at the request of the receivers, he said. It was decided that a sale by tender was an appropriate way to ensure that the several parties interested in buying the membership had a chance to do so.
No specific reserve price had been set by either the exchange or the receivers, but the membership would not be sold unless the price reflected its market valiue, he said.
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Press, 1 March 1989, Page 39
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158Guthrie seat for sale Press, 1 March 1989, Page 39
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