Wisemans Holdings’ Suspension Lifted

Press, Volume CVIII, Issue 31754, 10 August 1968, Page 18

Wisemans Holdings’ Suspension Lifted

The Stock Exchange Association of New Zealand has told the board of directors of Wisemans Holdings, Ltd, that the suspension of quotation of the company’s shares will be lifted on Monday.

The association said that yesterday it sent a letter to the chairman of Wisemans Holdings to inform the company of its decision.

The letter reads:— “The publication of the contents of your notice of August 2 has now been sufficiently wide to remove the danger of a false basis of trading being established. Accordingly the suspension of quotation of your company’s shares will be lifted on August 12.

"The association takes this step to protect the interest of all your shareholders in the view that a breach of the listing agreement by the company should not deprive them of a market for their shares. It is emphasised again that the association expects to be kept fully and promptly informed of all information which may affect the market value of a listed company’s shares.

“A copy of this letter is being released for publica tion.

“Quotations of the shares may be resumed as norma) on August 12, 1968.” The quotation of Wisemans shares was suspended on Aug-

ust 5, “pending clarification of the company’s position." The chairman of Wisemans (Mr D. St Clair Brown) then said that the suspension apparently arose because the company had not sent to the exchange a copy of a private and confidential letter to shareholders. This letter included the recommendation after the sale of the wholly owned retail subsidiary, Frank Wiseman, Ltd, to Charles Begg and Company, Ltd, that all investments of the holding company be realised "when the time is most opportune.”

The recommendation in connection with the holding company will be reported upon and discussed at the next annual meeting of the company, or at a special meeting.