After his latest bid failed to transpire into a purchase, Tony Quinn has upped his ante and has entered a conditional agreement to buy Taupo Motorsport Park.
TMP shareholders are expected to support Quinn’s latest offer.
A statement from the park reads as follows:
“TMP has today entered into a binding, conditional agreement for the sale of the company’s assets, business and freehold land to Tony Quinn-controlled interests (referred to in this announcement as ‘Keltic) for $NZ9,800,000 plus GST (if any).
“This is approximately $NZ1.6 million more than an earlier offer made in July by Keltic of $NZ7,100,000 plus GST (if any) in cash with Keltic assuming $1,160,000 of TMP’s liabilities.
“That offer failed to receive the requisite level of shareholder approval (75% of shares entitled to vote and voting).
“Under the new agreements signed today, TMP will settle those $1,160,00 of liabilities on settlement of the sale to Keltic. The agreements are subject to the usual conditions (including shareholder approval).
“Keltic has agreed to procure before the shareholders’ meeting to approve the sale, the discontinuance by Taupo Car Club of its arbitral proceeding against TMP and a waiver of all the Club’s claims against TMP now or in the future.
“The TMP directors unanimously recommend the TMP shareholders approve Keltic’s latest offer and those directors who hold TMP shares have undertaken to vote their shares in favour of the resolution to approve the sale.”
Quinn currently owns Hampton Downs and Highlands Motorsport Park. If his second bid at Taupo succeeds, it will become his third New Zealand-owned race circuit.