Shareholders approve sale of Taupo Motorsport Park to Tony Quinn
Shareholders have voted today to approve the sale of Taupo Motorsport Park to Tony Quinn-controlled interests.
The announcement came after TMP Limited’s Special General Meeting of shareholders in Taupo this morning, which approved the sale of the company’s assets, business and freehold land to Tony Quinn-controlled interests for $9.8 million. Shareholders overwhelmingly voted in favour of the sale. The carried votes included present shareholders and proxy votes cast which exceeded 85% of total shares held.
“Third time lucky,” said Tony Quinn. “We’ve got a few I’s to dot and t’s to cross before settlement in about a month but it’s a significant day. We’ve got plenty of plans to get on with – that being said, I’ve never been one to talk too much about what I’m going to do, I’d rather get on and do it and then hopefully have everyone else talk about it.”
“The New Zealand team will have a busy summer, learning the park and getting to know the customers and the various arms of the business. I’ve no doubt they are up for the challenge, and I look forward to being able to get to New Zealand and visit the three parks – one day soon I hope,” he said from his Queensland base.
“Many thanks to Tony Walker and the board, for the work they have done to date, we know it’s not an easy task running race tracks! That being said, we look forward to receiving the keys and getting on with things.”
TMP built new circuit and facilities at the Taupo Motorsport Park, which opened in 2007, and listed on the USX in 2017.
“A great result for TMP shareholders, the Taupo district and NZ motorsport no doubt” is how Tony Walker describe todays result.
The purchase of the Taupo race circuit will add to Quinn’s ownership of New Zealand’s two other premiere tracks, Hampton Downs and the magnificent Highlands Motorsport Park he built at Cromwell. Quinn was also recently successful in his purchase of Queensland Raceway in Australia.
“We are looking forward to adding a third track to our stable in New Zealand,” said CEO, Josie Spillane. “Tony has been very clear on his vision to have motorsport as part of his legacy in New Zealand, and it’s hard to believe in just eight short years since he arrived on the scene in New Zealand, he has achieved so much.
“Our priority as the team on the ground will be to get on with the job at hand and continue on the great foundation in place at Taupo Motorsport Park. It will be a bit like a third child, we’ve learnt plenty of things with the first two “kids” and it’s highly likely (like all third children), Taupo will be slightly spoilt, able to get away with a bit more than the two older kids, and I have no doubt it will surprise us all from time to time! We are really looking forward to getting to know the community of Taupo and have already been made to feel very welcome,” she said.
Quinn’s Keltic Motorsport has a longstanding and successful track record of founding, investing in, managing and growing world class motorsport circuits and entertainment facilities.