Goldcorp lifts Arahi stake
PA Wellington Arahi Properties major shareholder, Goldcorp Holdings (in receivership), has increased its shareholding to 56 per cent, directors say. Goldcorp’s receiver, Mr Peter Coote, has been slowly building a controlling stake in the embattled Auckland property investor and has refused to be pushed into a takeover bid.
The shares have been trading at well below book value, but the uncertain state of the property market has left Goldcorp with little resistance.
Mr Coote previously said he considered eventual takeover and selldown of the company to be the most realistic way for Goldcorp creditors’ to retrieve their interest in the investment.
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Press, 19 December 1989, Page 26
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105Goldcorp lifts Arahi stake Press, 19 December 1989, Page 26
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