Full Agreement On “Dominion”

Press, Volume CIII, Issue 30399, 25 March 1964, Page 1

Full Agreement On “Dominion”

(New Zealand Press Association)

WELLINGTON, March 24. A full agreement has been signed by the Wellington Publishing Company, Lid., publishers of the “Dominion” newspaper, and News, Ltd., of Adelaide, on the future of the newspaper.

A statement issued this evening by the board of the Wellington Publishing Company, Ltd. said:— “On March 20 your board announced that a ‘heads of agreement’ had been signed by the Wellington Publishing Company, Ltd. and News, Ltd., of Adelaide. The full agreement has now been signed formally by both parties. “News, Ltd., will retain 14 per cent of the total shares of the company. Those shares purchased in excess of 14 per cent will be held in trust by the Public Trustee and will, in due course, be transferred to New Zealand ownership. “The Public Trustee has been chosen by both parties to administer this trust and has agreed to do so. “This means that effective control of the company will remain in New Zealand hands and editorial policy will con- £

tinue under New Zealand direction. “The board agrees to take all reasonable steps to ensure that Mr K. R. Murdoch becomes a director of the company. It is considered that assistance in the technical field offered by News, Ltd., can only be to the advantage of the company. “It is certainly in the interests of shareholders that the ‘Dominion* be enabled to proceed progressively and without interruption to develop its great potential. “The possibility that rival newspaper interests obtain any considerable holdings in the Wellington Publishing Company, Ltd, is a matter of 1 great concern to the board./ Such a situation could lead to \ disturbance and disruption of N our efficient progress and would undoubtedly have adverse