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Court of Appeal rejects buy-out bid


Waltus Property Investments


Media release
For immediate use

4 December 2000

Court of Appeal rejects buy-out bid


A small group of objectors to the merger of 27 property syndicates lost their another legal battle today, when the Court of Appeal rejected its buy-out claim.

The new $227 million Waltus Property Investments began trading on the NZSE’s Unlisted Securities Facility (USF) last week.

Founder John Hodge said the Court’s decision was a “comprehensive rejection” of the objectors claims, which had received much attention in the media.

“At the end of the day we had a record turn-out of investors voting on the merger proposal, and 86% voted for it to go ahead.”

“This ridiculous battle by Brian Moyle and investors representing 3% of the new company has been distressing for the rest of our investors, and everyone is glad it’s over,” Mr Hodge said.

“First they lost at the Special Meetings. Then they lost twice at the High Court. And now they’ve finally lost at the Court of Appeal. It’s time for Mr Moyle to move on.”

Meanwhile, although it’s just a few weeks old, the new Waltus Property Investment has already started winning the battle for tenants.

Last week it announced the signing of a significant lease with the Infinity Group, which has taken a nine-year lease on four floors and 76 carparks in the former Elders Finance Building in Khyber Pass Rd, Auckland.

ENDS

For further information contact:
Belinda Milnes
Ph 021 476-926


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