Masfen keen to remain at Montana helm

By Phil Boeyen, ShareChat Business News Editor

Wednesday 14th February 2001

Montana (NZSE: MON) chairman Peter Masfen says he intends to remain at the head of the table following the successful majority raid on the winemaker by Lion Nathan (NZSE: LNN).

Mr Masfen says he has begun discussing the future corporate governance of Montana with the new majority owner, and has ruled out any legal action against the NZSE for its part in the messy takeover.

However the Montana chairman has take another swipe at the existing takeover regulations, and is urging the Government to fast-track the new Takeovers Code which will prevent anyone from taking more than a 20% stake in any listed company unless the offer is made to all shareholders.

"My views on this have been consistent and known to Lion Nathan.

"I consider the workings of the Market Surveillance Panel totally impractical and inappropriate for the market and I trust that the Government's announced intention of setting up an independent Takeovers Panel when they introduce the new Takeovers Code will provide the appropriate framework for the market."

Mr Masfen says he has decided not to sue the NZSE for any part it may have played in the Lion takeover of Montana because "in my opinion to do so would only further impinge on the reputation of the New Zealand Capital
Markets."

"Notwithstanding Lion's purchase of the 51% shareholding, 49% of the capital of Montana is owned by approximately 8,000 shareholders (mainly New Zealand shareholders), including myself, and I am committed to serving the interest of all shareholders of the company.

Mr Masfen says the winemaker is one of the very best New Zealand companies, and he is applying his immediate focus on the issues of stability of management and direction of the company.

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