Founder will have 45% of Bloodstock

Press, 8 February 1986, Page 21

Founder will have 45% of Bloodstock

PA Wellington The chairman and managing director of National Bloodstock Corporation, Ltd, Mr David Phillips, is increasing his shareholding in the company he founded to about 45 per cent of the Issued share capital. This move follows the Commerce Commission giving him permission to increase his shareholding in National Bloodstock to 49 per cent He recently sold his personal shareholding and options in EuroNational Corporation, Ltd, which yielded a cash return of $1,619,000. At the same time, Mr Phillips and his brother and co-director, Mr S. Phillips, acquired all the National Bloodstock shares held by Carter Holt Harvey, Ltd. His statement says he intends to take up the options in National Bloodstock that were allocated to him at the time of the original company float in September, 1983.

This would equate to 1,076,470 . 50c shares, which would increase the National Bloodstock share capital by $538,235. These shares would be paid up in cash. He confirmed that since National Bloodstock floated to the public, several attempts had

been made by outside parties to take over control of the company. “This is something that really should be taken as a compliment as it indicates that other thinking people can also see the potential of the National Bloodstock group,” he said. However, he added that any time spent with take-overs was non-pro-ductive and key executive time was far better spent working towards achieving profit objectives. With Mr Phillips’ latest move, a majority shareholding of National Bloodstock was now in the hands of the Phillips’ family, their colleagues and National Bloodstock group staff. The directors of National Bloodstock also said yesterday that its most recent promotion, the Cardigan Bay Standardbred Bloodstock Special Partnership, had met very strong demand.

Applications for units already exceeded the minimum subscription level of 650 units. The maximum number of $2OOO units available is 1000 and the directors now expected this partnership could close before the earlier nominated date of March 7.