Sharechat Logo

High-stakes game played at Casinos

Chris Hutching

Friday 19th December 2003

Text too small?
A high-roller game is under way at Christchurch Casinos between Queenstown businessman Barry Thomas and London-based Aspinall over a major shareholding stake.

Thomas, chairman of Christchurch Casinos, said yesterday a statement by Sky City to the NZX midweek confirmed his suspicions that talks had been going on without his knowledge about a rearrangement in the shareholding of the casino.

Late last week Thomas deposed Christchurch Casinos managing director Arthur Pitcher, an appointee to the casino board of 41% shareholder Aspinall, which was in talks with Sky about selling its holding. Pitcher retains his job as chief executive.

Aspinall has demanded Pitcher be reinstated as a director or its lawyers will serve an injunction.

Thomas is also chairman and a significant shareholder in Queenstown tourism and investment company Skyline Enterprises, which has 41% of Christchurch Casinos and wants the Aspinalls' stake if it is for sale.

Thomas is supported on the board by another Skyline director, Philip Hensman, against London-based director James Osborne. Stephen Lyttelton is an independent director.

Thomas said he removed Pitcher because he wanted a "neutral position" on the board. Ironically, Sky City is a 60% joint-venture partner with Skyline Enterprises in the Sky City Queenstown Casino.

Pitcher said yesterday he was constrained from commenting but he understood he was still a director even though the Companies Office records show he resigned on December 12. According to the constitution of the company, directors may be removed on a resolution.

Meanwhile, Aspinall (NZ) has issued its own statement, saying Pitcher cannot be removed without its approval.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report