Chase deal abandoned

Press, 13 April 1989, Page 23

Chase deal abandoned

PA Sydney Chase Corp has abandoned a joint venture deal with its subsidiary Interchase Corp to develop a Sydney office complex, expected by an independent valuer to be . worth sAustl64 million (SNZ2IS million) on completion. A meeting of Interchase shareholders was to have voted on a proposal for the company to join its parent in a joint venture to develop the Charter Grove complex in the northern suburb of St Leonards. Interchase, 55 per cent owned by Chase, would have helped fund the project in return for a share of the development profits. But the proposal was not put to yesterday’s meeting, because the Australian Stock Exchange declined to approve a waiver Chase sought to avoid putting the deal to its own shareholders for approval. The waiver was one of the conditions for the transaction. “In view of the cost and all the people jhat calling a Chase meeting would involve, we elected to exit from the contract. It didn’t seem worth proceeding,” Chase director Seph Glew told NZPA. Chase is continuing with the project, scheduled for completion next year at a cost of sAustl3s million. The plan for Chase and Interchase to combine in developing Charter Grove follows their successful joint venture development of the Myer Centre shopping complex in Brisbane. Interchase now owns the Myer Centre which cost sAust4oo million to complete and is on the market, with an asking price of sAust49s million.