Fund has CHH option
Wellington
National Provident Fund has an option to buy 4.9 per cent of Carter Holt Harvey from Krondor Corp, the private company of Richard and Kenneth Carter.
Krondor paid $278 million late last year for a substantial shareholding in the forest products group, buying shares previously held by the staff share scheme and Issuing fresh capital into the company.
The 125.74 million shares held equates to 20.24 per cent of the company’s voting securities, according to a substantial security holder notice filed with the Stock Exchange. However, in the same notice, Richard Carter disclosed that there was an arrangement between National Provident Fund and the Bank of New Zealand, for the fund to acquire 30.5 M of the shares from Krondor.
The option, which expires on December 19,1990, set the purchase price at varying levels depending on the date the option was exercised, he said.
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Press, 22 July 1989, Page 30
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149Fund has CHH option Press, 22 July 1989, Page 30
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