Commodore spells out its options
PA Auckland Shareholders of Commodore Computer Corporation, Ltd, have approved a change of name for the company to Further Developments, Ltd, and the sale of most of the assets of the main trading subsidiary of the company to Commodore International.
The approvals were gained at an extraordinary general meeting of shareholders.
Mr C. R. Anderson, general manager of Commodore Computer Corporation, said there had been no opposition to the sale or the name change from the 25 shareholders who attended the meeting.
While no announcement, on the com-
pany’s future was made at the meeting on Friday Mr Anderson said there were three options. The company could do something else, it could be wound up and a distribution made to shareholders, or it could be used as a listing vehicle for another company.
Mr Anderson said no decision had been made, but he believed discussions had been held with a company interested in using Further Developments as a listing vehicle. After the sale of the computer business the company would have $4.3 million in the bank. If that were distributed to shareholders it would amount to about 38c a share.
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Press, 3 April 1989, Page 15
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195Commodore spells out its options Press, 3 April 1989, Page 15
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