Directors On Prospectus Charge

Press, Volume CI, Issue 29906, 21 August 1962, Page 11

Directors On Prospectus Charge

(N.Z. P.A.-Reuter —Copyright) MELBOURNE, Aug. 19.

The Registrar-General of Companies for Victoria has issued complaints against the chairmen of two of the companies in the Stanhill group and the chairman of the Chevron Sydney shareholders’ committee.

The chairmen are Mr Norman Strange, chairman of Stanhill Development Finance, Ltd., and Mr R. F. G. Wilson, chairman of Stanhill Consolidated, Ltd. The chairman of the Chevron Sydney debenture shareholders’ committee is Mr Murray Davis. The complaint is that Mr Strange and Mr Wilson sent circulars to the shareholders of their companies seeking

money for the issue by Chevron Sydney, Ltd., of £l.4m in 8J per cent, debentures. These circulars, or applications to subscribe for debentures in Chevron Sydney, were not accompanied by a prospectus for the issue as required under the Companies Act. The prospectus has still not been registered. The complaints are listed for hearing in the Court of Petty Sessions in Melbourne on August 28. Chevron Sydney, Ltd., is understood to have been assured of a total of about £750,080 from I.A.C. (Holdings), Ltd., and Commercial and General Acceptance, Ltd. The money will meet part of the amount of £l.4m which the company requires to complete the hotel in Sydney to the intermediate stage and repay trade creditor debenture holders.