Company News U.K. BID FOR DUCON

Press, Volume CII, Issue 30190, 23 July 1963, Page 19

Company News U.K. BID FOR DUCON

Plessey Offer Worth £lom The British Plessey Company, Ltd., hag made a take-ever bid worth £lom for Ducon Industries, Ltd., New South Wales manufacturer of condensers and other components for electrical, electronic, television and radio use.

The announcement of the offer was made in Sydney during the week-end, but rocketing turn-over of Ducon shares on Sydney Stock Exchange last Friday is worthing the exchange authorities and questions are to be asked im the N.S.W. State Parliament about "informed” speculation in the shares. The N.Z.P.A. reported from Sydney yesterday that the stock exchange there is concerned about the turn-over of Ducon shares on Friday, according to the exchange's general secretary (Mr D. M. Butcher).

More than 40,000 shares changed hands on Friday compared with only 600 from Monday to Thursday last week.

During Friday the price for Ducon shares rose from 16s to 20s. and then dropped back to 18s at the close.

In Sydney yesterday Ducon shares closed at fl's, while in Melbourne the shares were the highlight of the day’s trading with a 12s rise to 31s 6d. The Plessey offer is 33s a share.

The acting chairman of Ducon (Mr G. Rich) said the company’s chairman (Mr C. S. Gittoes) had told Ducon in Sydney that a board meeting had been held overseas to consider the Plessey offer. When the State Parliament resumes on August 20 questions will be asked about “informed” speculation in Ducon shares before the takeover announcement.

Meantime. the Government’s backbenchers will press for an investigation by the Attorney-General ' (Mr Downing).