Paynter waits
Paynter Corporation shareholders will have to wait until Monday’s extraordinary meeting before finding out the extent of the Paynter family’s holding in Kiwicorp Group. Kiwicorp is an unlisted Wellington-based investment group that includes Mr lan Farrant, chairman of Cardrona Group, and Mr Don McLachlan, among its directors.
Paynter announced last month that it had contracted to buy 72.2 per cent of Cardrona from Kiwicorp. In a second statement last Friday, Paynter Corporation said that if approval for this deed was given, Paynter Investments, representing the Paynter family interests, would buy Cardrona’s 39 per cent stake in Paynter Corporation for $5.9M. Paynter Investments would then negotiate to sell its 75 per cent stake in Paynter Corporation to Kiwicorp, giving the Paynter family interests a controlling stake in Kiwicorp.
According to the Press Association, the executives of both Cardrona Group and Paynter Corporation have not ruled out the eventual possibility of a merger. A Paynter Corporation spokesman, said while a merger was not something that could be ruled out, nothing had been decided on.
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Press, 13 December 1989, Page 43
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174Paynter waits Press, 13 December 1989, Page 43
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