Kirkpatrick and Oatley have won the real Hamilton Island race

by Melbourne Age & Sail-World on 4 Nov 2003 The takeover battle for the tropical island resort of Hamilton Island in North Queensland appears to be over, with one of the finalist withdrawing from the intense match race series.

The North Queensland resort, venue for the famous Hamilton Island Race Week regatta, has been the subject of an intense takeover battle between 21st Century Holdings and Lend Lease's General Property Trust (GPT) for the last six months.

GPT, through its subsidiary Voyages Hotels & Resorts Ltd, has announced it is retiring from the race. It has announced it will sell its 20.65 per cent stake in the resort operator, following an increased offer from rival bidder 21st Century.

The company's decision came after 21st Century, a partnership between the island's management lead by CEO and sometime sailor Wayne Kirkpatrick and the billionaire Oatley family of Rosemount Wines and Admirals Cup/Wild Oats/Another Duchess fame, upped its bid in the battle, proposing an off-market offer to run concurrently to an on-market offer.

The offer values the island operator at about $199 million, including its $50 million of debt.

Hamilton managing director Wayne Kirkpatrick, who will continue to lead the company after the offer is completed, said it appeared the race was over.

‘I am very pleased by it,’ Mr Kirkpatrick said.
‘It has been a very long and complex process, which I think has been good for the shareholders.

‘And I am pleased it finally looks like we have won.’

Mr Kirkpatrick said the future for the island was bright.

‘It is a tremendously important asset in Australian tourism terms,’ he said.

The result ensures that Bob Oatley and son Sandy Oatley, the winners of the last two Hamilton Island race weeks and resort CEO Kirkpatrick will be warmly congratulated by sailing community at the 22nd Hamilton Island Race Week in August 2004.