Cohn in Ahead bid

Press, 6 October 1989, Page 21

Cohn in Ahead bid

The American businessman, Mr Mark Cohn, the man behind the take-over offer for Leisureland Corporation last year, has launched a bid for Ahead Group, the home builder and timber group. The offer is 22c for each Ahead share, and compares with the last market price of 23c and a net asset backing at March 31 of 50c a share. Ahead’s directors said that there would be no comments or recommendations at this stage. Mr Cohn was behind Concerto Holdings, the company that took over Leisureland, leaving Leisureland’s chairman, Mr John St Clair Brown, as the chief executive. Mr St Clair Brown is also a director of Ahead, as Leisureland held an interest in the timber group through Erie Holdings, a joint venture with FAI Met-Life. Scrip in demand Public demand for Air New Zealand shares had been stronger than expected, with 5 million likely to be taken away from institutional investors and given to the public pool,’ said the lead manager for the placement, Ord O’Connor Grieve. The offer opens and closes today. The airline is expected to list on the Stock Exchange by the last week in October or the first week in November. Little for Canteen The buy-out offer to holders of non-marketable parcels of shares and rights in Smiths City Group will close on Monday. So far only a few holders of shares and rights have taken up the offer by FAS Nominees, to donate their proceeds to the teenage cancer society, Canteen. The total raised for Canteen yesterday stood at $2lOO. The offer is for 57c a share and 9.5 c a right for odd lots of less than 1000 shares. Strathmore actions Strathmore Group has assembled High Court claims worth $4.8 million against the former directors and related parties. While Strathmore was involved in 10 court actions, only two were of material importance, the directors said. The first claim of $3 million was against the vendors of Clearwater Partners, Carol Todd, Anbus Fraser, Clive Currie and Durafort Investments. The other main action related to the issuance of unpaid shares to the trustees of the A. M. Fraser, E. A. Fraser, C. V. Todd and M. S. Todd family trust. El Polio wound up El Polio New Zealand was ordered wound up in the High Court in Auckland yesterday by Master Towle. On Thursday, Mr Justice Henry rejected a proposed scheme of arrangement for the company under section 205 of the Companies Act. El Polio, which held the New Zealand franchise for a barbecue chicken fast-food operation, owed $1.4 million to 73 unsecured creditors. .