Friday 19th December 2003
|Text too small?|
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.
No comments yet
MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite