Move By Chairman Of Angus And Robertson

Press, Volume C, Issue 29672, 16 November 1961, Page 19

Move By Chairman Of Angus And Robertson

, Copvright)

MELBOURNE, Nov. 15. The chairman of Angus and Robertson, Ltd. (Mr N. Cowper), Sydney booksellers and publishers, in a letter to shareholders, seeks support to defeat a “determined attempt” to secure the election of Australian Consolidated Press, Ltd., nominees to the board. He says the attempt will be made at the annual meeting on December 15, when Mr E. A J. Hyde, who was appointed to the board last week, and two retiring directors, Mr N. Routley and Mr C. Roderick, seek reelection. Mr Cowper says that persons associated with Australian Consolidated Press, Ltd., a newspaper organisation, with competitive activities, recently bought A. and R shares from Mr A- N. Swain. '

Certain executives of Aus* tralian Consolidated Press had acquired the numbers of shares which would qualify them to stand for election as directors. Share Splitting Extensive share splitting has been carried out, Mr Cowper says. Some large shareholders were recently approached with offers of 12s a share and upwards, but directors consider shareholders will be ill-advised to sell, he says. Mr Cowper says that the company’s sales for the first four months of the current financial year were higher than for the previous corresponding period. Directors of Angus and Robertson last October rejected a takeover offer from Consolidated Press Holdings, Ltd.