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Arthur Barnett to be delisted

By NZPA

Wednesday 27th November 2002

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Dunedin-based retail icon Arthur Barnett is to be delisted from the Stock Exchange in the last stage of a successful takeover bid.

The stock has been put on trading halt until it is delisted after Belwash Holdings Ltd filed for compulsory acquisition, having gained more than 90 percent of the shares.

Belwash is owned by Arthur Barnett directors Julian Smith and Trevor Scott.

Their $9.5 million takeover launched in August offered $1.40 per share, but an independent report in September rated the share value at $1.51 to $1.64.

The report said the offer was not fair but noted a better offer was unlikely in the near future.

The 99-year-old company has two stores -- in Dunedin and Christchurch.



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