Stud sale approved
PA Hamilton Highview Stud shareholders have approved the sale of the Ngahinapouri company’s business and assets to an Australian consortium for $2,549 million. The 60 shareholders at Thursday’s special meeting were told by Highview chairman, Dr William Oram, they had two choices — sell to Austra-
lian consortium Rexagrave Pty., Ltd, or watch their struggling company follow other New Zealand studs “down the gurgler”. Although some shareholders argued for receivership, the meeting opted to sell at what Highview executives said was an excellent price given the depressed bloodstock market.
Dr Oram said proceeds
from the sale would be used to pay off the company’s debts, which included a $1.25 million loan from DFC New Zealand, $922,967 in convertible notes to shareholders and a $242,000 bank overdraft. It was doubtful whether there would be much if anything left over for shareholders once the debts were paid, he Said.
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Press, 1 June 1989, Page 49
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149Stud sale approved Press, 1 June 1989, Page 49
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