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St Laurence raises Rural Equities bid

Wellington property company St Laurence Equities has raised its takeover offer for fund manager Rural Equities, despite claims by rival bidder Sir Selwyn Cushing that he has already reached a controlling 50.01 per cent stake.

Thursday, June 24th 2004

St Laurence yesterday upped its offer by 10c to $1.60 a share, valuing Rural Equities at more than $23 million.

Rural Equities is a spinoff of rural services group Williams & Kettle. It owns 32 per cent of Rural Property Trust and manages the trust assets, which include about 30 farms and a 856ha forest near Ngaruawahia, with a total net value of about $103 million.

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