Shareholders approve skifield merger

Treble Cone skifield. Photo: Geoff Marks
Treble Cone skifield. Photo: Geoff Marks
Cardrona Alpine Resort is one step nearer to acquiring Treble Cone skifield after the majority of its shareholders voted to approve the deal in Wanaka over the weekend.

Cardrona Alpine Resort had made a formal approach to buy the skifield and its assets for $7million and also provide those company shareholders who were entitled to Treble Cone ski passes with a replacement 20-year transferable pass for Cardrona, the Soho Ski Area and Treble Cone.

At the special general meeting of shareholders held at the Wanaka Hotel on Saturday Treble Cone Investments Ltd board chairman Don Fletcher said the general mood did seem supportive [of the acquisition] but you didn't know until you took the vote''.

He said 45 of the 59 Treble Cone shareholders attended, some with proxies, and on a show of hands 43 voted for and two against the motion.

Mr Fletcher said shareholders were likely to get between 7c and 10c per share.

The Commerce Commission is considering the merger

and is scheduled to make a decision on the application by November 1, 2019 but this date could be extended.

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