HOLEPROOF SALE

Press, Volume CV, Issue 31028, 6 April 1966, Page 21

HOLEPROOF SALE

Cash Will Go To Australia (N.Z. Press Assn. —Copyright) MELBOURNE, April 4. Factors, Ltd., was negotiating the sale of its New Zealand subsidiary, Holeproof Industries. Ltd., to a new company formed in New Zealand, Mr Stanley Korman said today. Mr Korman, chairman of Factors, said the sale would be for cash, and the proceeds would be returned to Australia. The new company is Holeproof New Zealand Company, Ltd. Directors are Mr Korman’s brother, Mr Hilel Korman, Mr H. M. McElroy and Mr H. M. Kirk. Mr Stanley Korman said details of the deal would be announced when the board of Factors was satisfied’ that certain conditions had been fulfilled. He could not say at present what Factors would do with proceeds of the sale except that the company should “turn its eyes to West Australia and Tasmania.” There was no intention of using the money to buy the Chevron Hotel, Sydney, nor would any other company be taken over. The asset backing of each Factor’s 50c share would be at least 50c if the New Zealand deal went through, Mr Korman added. He said directors expected to maintain earnings on the money released by the New Zealand sale, and repeated earlier statements that the company should pay a dividend in the current financial year. Mr Korman said he was not aware of any scheme or arrangement being prepared for Chevron Sydney. Business Personal Mr A. W. Reed has retired as managing director of A. H. Reed, Ltd., but will continue as chairman and adviser on publishing and other business matters. He will be replaced by Mr T. O. Kennedy, managing director (sales) and Mr J. H. Richards, managing director (publishing).