AUSTRALIAN REPORTS No Discussion Of Bids At Mt Morgan Meeting

Press, Volume CVII, Issue 31502, 17 October 1967, Page 22

AUSTRALIAN REPORTS No Discussion Of Bids At Mt Morgan Meeting

(N Z. Press Association—Copyright) SYDNEY, October 13. There was virtually no discussion bn the take-over bids from PekoWallsend and Power Mining at the annual meeting of Mount Morgan, Ltd.

In his address to about 60 shareholders the chairman (Mr J. H. Broinowski) said “this annual meeting of ours is not the place for discussing the proposals in detail." He said the meeting should not be used to cut the comers of the procedures laid down in the Companies Act and by the Stock Exchange.

Shareholders would have the two sets of take-over documents in their hands within a few days and directors would be issuing their recommendations “with the minimum possible delay.” (The board recommended the original Peko bid and rejected the Power offer, but it has not made any recommendations since the two

suitors delivered their revised bids last Friday.) West Titanium Western Titanium N.L., W.A. beach sands miner, will make a one-for-eight issue of 503,080 50c shares at a premium of 50c each this month, followed by a call of 20c on the current contributing shares in December, directors announced last night. These funds will be used to complete construction of the semi-commerclal upgraded ilmenite plant, instal a retreatment plant, erect additional houses and modernise equipment. The directors foreshadowed a further new issue within

two years to help finance a fully commercial upgraded ilmenite plant. They also announced a dividend of 5c a share, payable on November 29. Contributing shares will receive Ic. This makes a total of 12c so far for the current financial year to January 31, compared with two distributions totalling 15c in 1966-67. Shipping The Commonwealth Government has agreed to allow the Australian National Line to seek membership of the Australia and New Zealand eastern shipping conference, the Australian “Financial Review" repotted. Government and shipping authorities, say Cabinet has given A.N.L. permission to negotiate with the conference in Tokyo. This is the first step result? ing from the cabinet study of the possibilities of A.NX. engaging in overseas trading activities, which was revealed by the Minister for Shipping and Transport (Mr G. Freeth) on September 20. Mereenie No. 4 Production testing of the East Mereenie No. 4 well in southern Northern Territory has been completed, the Exoil company announced. Between 300 and 350 barrels per day were indicated during a 16-day test period for the well’s early production life. Drilling has been reduced but not fracture stimulation to minimize formation damage in future Mereenie wells. The company expects a similar oil-flow as that from East Mereenie No. 4. The company said an improvement could be expected from stimulation techniques. West. Mining The biggest consignment of nickel concentrates from Western Mining Corporation’s mine at Kambalda is expected to be loaded at Esperance on the southern coast of Western Australia, on October 17. About 3000 tons of concentrates will be sent to Canada.