By Phil Boeyen, ShareChat Business News Editor
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Tuesday 30th October 2001 |
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The buyer is Forresters New Zealand, a company associated with South Island businessman, Allan Hubbard.
Hellaby MD, David Houldsworth, says the sale price represents 37 cents per share ex the 2 cents per share dividend payable next month.
This transaction will reduce Hellaby's shareholding in NZWSI to 20% and is subject to the approval of the NZWSI shareholders.
Mr Houldsworth says the new ownership will strengthen NZWSI's ability to remain the major New Zealand owned wool scouring and exporting company.
Wool Services chairman, Pat Morrison, has welcomed the change in ownership, which will increase Allan Hubbard's total stake to around 43%.
"Mr Hubbard is a well respected and successful businessman. His interests and expertise will be an important asset to our company."
Mr Morrison said that following the liquidation of ELCO/Lichenstein last year, the role of NZWSI as a New Zealand owned company was even more important to the future of the wool industry.
The latest divestment by Hellaby is its third such sale in the past six months. In May the company sold its Patton Refrigeration subsidiary, in July it sold its Specialty Brands business and in August Bendon (NZSE: BEN) purchased the company's Expozay swimwear brand.
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