In February 2002 the Chairman of Tourism Holdings Limited (THL), Keith Smith, reaffirmed the company's intention to sell its interests in Treble Cone Ski Area at Lake Wanaka. An agreement to sell the operation, with effect 20 December 2002 has now been finalised, with Treble Cone Investments Limited, a company owned by private fund equity manager I-Cap Partners Ltd Managing Director Tony Hannon and Dunedin businessman Nat Craig, and whose intention it is to include a consortium of investors in the future ownership of Treble Cone. This consortium includes local Wanaka interests as well as Dunedin and Auckland investors.

Dennis Pickup, Managing Director of Tourism Holding said, "It is very pleasing to be selling Treble Cone to not only New Zealand interests, but also to a group that includes Wanaka based owners. We are confident that under this ownership structure Treble Cone will serve the long term interests of the New Zealand ski industry."

Treble Cone Ski Area is an icon skier destination in New Zealand's South Island and under new ownership the ski area will benefit from a strong desire from the consortium to further develop the mountains facilities.

Nat Craig of Treble Cone Investments said "We believe that Treble Cone has some of the potential to become one of New Zealand's premier ski destinations. We would like to acknowledge the first class developments THL has undertaken since it acquired Treble Cone in the mid 1980's as well as the hard work put in by t5he original founders of the ski area in the 1970's. Our intention is to continue that development with some significant additions over the next few years which will add to and enhance the product Treble Cone can offer."

All permanently based staff for Treble Cone will continue employment under the new ownership.

THL will continue to enjoy a strong relationship with Treble Cone through its major ski product distribution brands, Skiwi and Ski Express and through commercial relationships relating to its Ski Shuttle, Kiwi Experience and Britz Motorhomes and Cars plant operations.

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