Tranzequity gives reply
PA Wellington Tranzequity Holdings directors’ said the company did not breach New Zealand Stock Exchange rules when it sold commercial property in Hamilton worth several million dollars to its subsidiary, Somex Corporation. The company was replying to a Stock Exchange query and recent media speculation. The listing requirements of the Stock Exchange demand that a company obtain shareholder approval to transfer assets worth more than 20 per cent of
its total issued capital and reserves to or from an associate, Tranzequity said yesterday. Somex acquired shares in property-owning companies worth about $2.7M last financial year. These companies owned real estate worth between SBM and S9M, Somex said in a statement.
A director, Mr Kevin Ryan, said the transactions did not contravene the 20 per cent disclosure rule.
Tranzequity was cooperating fully with the Stock Exchange and had supplied all information requested, he said.
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Press, 4 April 1989, Page 37
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146Tranzequity gives reply Press, 4 April 1989, Page 37
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