SHARES IN OIL COMPANY

Press, Volume XCIII, Issue 28008, 30 June 1956, Page 4

SHARES IN OIL COMPANY

TRANSFER TO NAME OF A.A.

DISPOSAL TO BE CONSIDERED

The 11.200 ordinary shares of 10s each in Europa Oil (New Zealand). Ltd., held in trust by Mr W. R. Carey, will be transferred into the name of the Automobile Association (Canterbury). This was decided at a meeting of the association’s council on the recommendation of the finance committee.

The matter will be referred back to the finance committee to find the market value of the shares and to report on whether the shares should be held or sold.

The chairman of the finance committee (Mr B. F. Bicknell) said that the report of the discussion on the matter at the last meeting of the committee now before the council was a small one ; The secretary (Mr E. S. Palliser) had a fuller report. “There was a little bit of a storm at the meeting,” he said.

The fuller report of the finance committee meeting was not available to the press. The finance committee report said that Mr Bicknell told the committee that the company had indicated its willingness to register the association as a shareholder in respect of the shares.

Mr Bicknell told the council that the committee had discussed the matter very fully. “We are asking you to decide whether or not we retain our holding of Europa Oil shares.” It was explained to members that from an original outlay of £125 the association had an investment of £5600.

There was little discussion, and on the motion of Mr A. R. Barnsdale the matter was referred back to the committee to consider whether the shares should be held or disposed of.