Mr Korman Resigns From Factors

Press, Volume CVI, Issue 31236, 7 December 1966, Page 25

Mr Korman Resigns From Factors

(N.Z. Press Association—Copyright)

MELBOURNE, December 6.

The chairman of Factors, Ltd., (Mr Stanley Korman) has resigned and the board position of a director, Mr R. E. Nordhoff, has been declared vacant

Factors’ group profit fell from 498,078 dollars to 295,377 dollars in the year to July 31. The group has again omitted to pay a dividend. Mr NordhofFs position has been declared vacant under article 98 (a), of the articles of association. The article relates to the shareholding requirements of directors. Mr Nordhoff has not held any shares in his own name since 1963, when he sold 25,000 shares, but is understood to have also held shares through a nominee. In their report yesterday, directors said that Mr Korman resigned from the board in a letter dated November 30. They gave no further details.

Asked if Mr Korman’s resignation affected his position on the boards of subsidiary companies, the secretary of

Factors, Ltd., Mr W. D. Phillips, said he could “say no more at this stage." Chairman of Factors, Ltd., since 1963, Mr Korman joined the board in 1958 when the company took over the Automobile Finance Company of Australia, Ltd. After two years in receivership the group moved out of receivership in 1964 after the sale of Holeproof Australia to Prestige, Ltd., for 7 million dollars. Earlier this year Factors tried to sell off its main asset, Holeproof New Zealand, in which the Korman family owns more than 20 per cent of the ordinary capital. But the negotiations collapsed after a report by Mr P. Murphy, Q.C., on the affairs of the Korman group of companies was tabled in the Victorian Parliament