Mainstay agreement
The Christchurch-based Mainstay Properties, Ltd, has an agreement in principle to buy the total shareholding of Exchange House Ltd, owners of Stage 3 of the Shades shopping complex. Exchange House is owned by members of the sharebroking partnership of Egden Wignall and Company. The Mainstay chair-
man, Sir Ronald Scott, said “the final settlement figure is yet to be determined and is subject to a valuation of Exchange House Ltd assets being carried out by independent valuers, but is expected to involve the issue of up to 4M Mainstay 50c ordinary shares plus cash.
“The Mainstay shares will be issued at
a premium of 10c but will not rank for the final dividend for the year ended December 31, 1985, which will be determined upon completion of the annual accounts.”
The purchase and share issue will be subject to ratification by shareholders at Mainstay’s annual general meeting next month, he added.
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Press, 4 February 1986, Page 26
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153Mainstay agreement Press, 4 February 1986, Page 26
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