NZSE asked to probe Montana trading

Friday 23rd February 2001

Independent directors of Montana said at presstime yesterday they believe key share purchases by Lion Nathan may have breached Stock Exchange listing rules.

Montana said it had received a formal complaint from Allied Domecq that Lion bought shares prior to the expiry of an exchange notice period on Friday, February 9.

Lion has maintained it bought key institutional shareholdings in Montana, taking its holding to 46.46% from a previous 28.27%, only after the notice period expired.

Lion secured a controlling 51% stake in Montana with a %4.65 share partial bid that trumped a full takeover offer from UK drinks firm Allied Domecq.

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