Shareholder approval to sell Cardrona snow field

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The sale of Cardrona Alpine Resort – between Queenstown and Wanaka - has been approved by shareholders.
 
Vealls Ltd has owned and operated the popular skifield business since 1990 and had sought shareholder approval for its disposal.

A large majority of shareholders backed the sale at a general meeting of the skifield’s owner in Melbourne on Friday.

In a market statement to the ASX following Friday’s meeting, Vealls said shareholders had also approved a restructure of the company and listing on the Singapore Stock Exchange.

In November 2012, Vealls announced to the market it was reviewing its corporate strategies.

Earlier this year, it concluded the company would conduct its business in just one country – Singapore, and focus on investment opportunities. It would discontinue its operation of subsidiaries by winding them up or disposing of them, including its skifield business.

The company is in negotiations with the preferred bidder, Queenstown-based tourism company Real Journeys Ltd, which is continuing to undertake due diligence on the business. No agreement has been reached yet.

Real Journeys chief executive Richard Lauder said in a statement at the weekend: ”Regarding our proposed purchase of Cardrona Alpine Resort, we are looking forward to re-engaging with Vealls Ltd with a view to completing the transaction.

”The sale remains an ongoing process and subject to confidentiality agreements for the time being.”

No further comment was available. – Otago Daily Times