Tourism Holdings finalises sale of Treble Cone skifield

By NZPA

Monday 2nd September 2002

Tourism Holdings Ltd (THL) has finalised the sale of its Treble Cone skifield to Treble Cone Investments Limited, effective on December 20.

THL managing director Dennis Pickup said in a statement today: "It is very pleasing to be selling Treble Cone to not only New Zealand interests, but also to a group that includes Wanaka based owners.

"We are confident that under this ownership structure Treble Cone will serve the long term interests of the New Zealand ski industry."

Treble Cone Investments is owned by Tony Hannon, managing director of fund equity manager I-Cap Partners, and Dunedin businessman Nat Craig.

The pair intended to include a consortium of investors from Wanaka, Dunedin and Auckland in the skifield's ownership, and promised further development of the area.

Treble Cone has been on the market for about three years.

In February THL chairman Keith Smith reaffirmed the company's intention to sell its interests in Treble Cone, which it acquired in the mid-1980s.

All permanent staff at Treble Cone will be employed under the new ownership.

Mr Pickup told NZPA the price for Treble Cone was commercially sensitive.

"But we have not, now that we've written Treble Cone down in the annual accounts, incurred a loss on it."

THL's annual result last week was hit by a $2 million writedown on unusual items, largely on Treble Cone.

In the previous financial year THL divested its 50 percent stake in Milford Sound Flightseeing, and in August it sold The Helicopter Line.

Negotiations were also under way over the sale of Mt Cook Ski Planes.

Mr Pickup said no further asset sales were planned.

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