Mainz. Prop, deal

Press, 25 July 1989, Page 23

Mainz. Prop, deal

Todd Corporation will take control of Mainzeal Properties if the necessary shareholder and statutory consents are approved. Mainzeal Group announced yesterday that it had conditionally accepted an offer to sell its 36 per cent stake in Mainzeal Properties to Todd Corporation at 105 c cash for the 33 million shares, a deal worth $34.7M.

Mainzeal Properties last sold at 92c.

Todd Corporation is probably New Zealand’s biggest unlisted company. It is the holding company for the Todd Group. Mainzeal Group's directors said that the Todd interests would end up with 51.2% of Mainzeal Properties, and that another major shareholder, the National Provident Fund (26%), had supported the deal.

Conditions for the sale include:

• Commerce commission consent.

• Surrender of 31M Mainzeal Properties options by Mainzeal Group.

• Sale of the management contract by Mainzeal Group over Mainzeal Properties for SSM. • A due diligence inquiry by Todd Corporation. • The sale by Mainzeal Properties of its 26% stake in Triden Corporation, of Australia, to Mainzeal Group for SNZI3M. • Approval of Mainzeal Properties shareholders at an

extraordinary meeting, and

consents of shareholders in both Mainzeal Group and Triden Corporation. The group has holdings in the Maui gas field from the days of its Europa oil company. It is a partner in Greymouth Coal with Japanese interests and Coal Corporation. Greymouth Coal was formed to develop a 200 million tonne coal deposit under Rapahoe, near Greymouth. The Todd Group is also a large shareholder in the Golden Cross goldmine project in the Thames area, and expected to be of the scale of the Martha Hill Mine.

A private company, the Todd Corporation is owned by members of the Todd family.