City Realties ready for change of title
PACity Realties, Ltd, now holds 65 per cent of the shares in the National Insurance Company of New Zealand, Ltd. The offer is now unconditional. The two companies are merging to form the new National Pacific Corporation and City Realties is taking over National Insurance to effect the merger. City Realties said that it would now proceed with changing its name to National Pacific Corporation, Ltd.
City Realties shares held by National Insur-
ance had been placed offmarket and National Pacific share certificates would be issued soon to former National Insurance shareholders. Replacement certificates would be issued to City Realties shareholders in due course. The board of National Pacific will be Messrs S. J. Cushing (chairman), D. S. St John, A. M. McConnell, J. H. Dowell, G. J. Marsh, R. N. Macassey, J. D. C. Wood and D. J. Lowrey. Mr C. D. Baker, chairman of National Insur-
ance, had indicated his wish to retire after 22 years and was not available for appointment to the new board. The group general manager of National Insurance, Mr R. Hendry would be chief executive of National Pacifc. The general manager of City Realties. Mr I. A. Patterson, would continue as chief executive of the property division of the group which would continue to operate separately with its own board under a subsidiary hold- 1 ing company.
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Press, 4 February 1986, Page 26
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231City Realties ready for change of title Press, 4 February 1986, Page 26
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