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Acquisition of Gondola and Tramway a boost

Media Statement
For immediate release 30 April 2001

Acquisition of Gondola and Tramway a boost for Canterbury tourism

Armada Tourism Ltd, the company which is to acquire Christchurch’s Mt Cavendish Gondola, indicated today that its focus would be on an innovative business and management plan aimed at ensuring the facility achieved its true earning capacity.

Armada Tourism, which is 75 per cent owned by former Shotover Jet Managing Director, James Boult, has purchased the business from New Zealand Experience Ltd for $1.4 million - a significant discount on the $12 million it cost to build the facility in 1992.

Mr Boult said that while the facility had a mixed operating record, it remained a high quality asset with considerable growth potential.

“Given the realistic terms on which we have acquired the Gondola, we have a great opportunity to critically examine the future direction for the business and revitalise a valuable facility,” Mr Boult said.

“Since leaving Shotover Jet earlier this year, I have been looking for a worthwhile challenge in the tourism sector and this fits the bill perfectly.”

Mr Boult said that Armada Tourism was also currently completing the purchase of the Christchurch Tramway, formerly managed by the other part owner of Armada Tourism, Martin Mongan.

Christchurch Tramway was previously a joint venture between Mr Mongan and Shotover Jet Limited with Mr Mongan negotiating the acquisition of Shotover Jet’s shares last December.

“There is a great deal of synergy between the Gondola and the Tramway ventures which we will be aiming to exploit to the benefit of the whole region,” Mr Boult said.

“Overall, I think that with the right management and some good ideas, we have the opportunity to give a shot in the arm to the Canterbury tourism industry.

“Martin Mongan, who will manage both businesses, has the market knowledge and skills to make this venture a real success.”

Mr Boult said the Gondola transaction would be completed once the necessary local body approvals had been obtained.

For further information, please contact:
James Boult
Armada Tourism Ltd
Tel: 025 801 201

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