Battle For R. W. Miller

Press, Volume CVIII, Issue 31802, 5 October 1968, Page 20

Battle For R. W. Miller

(N.Z. Press Assn —Copyright) SYDNEY, Oct. 4. A battle for control of R. W. Miller (Holdings), Ltd, appears to be developing between the company’s board and Thomas Nationwide Transport, Ltd, the “Sydney Morning Herald” said today. T.N.T. yesterdaj’ bought a further 500,000 Miller shares,

the seller being the State Superannuation Board, at 225 c each. This lifts T.N.T’s holding to more than 1,700,000 shares —or 19 per cent of Miller’s issued capital. The only larger holding is controlled by the chairman and managing director of the Miller group (Mr Rod W. Miller) whose family has about 2.000,000 shares (22 per cent of the capital). Another large parcel of Miller shares traded vesterdav — 132,000 at 220 c each.

It was sold by the State Government Insurance Office to Mr P. J. Duncan, a new Miller director. Mr Duncan, who is the group's Far Eastern representative and is based in Tokyo for much of the time, joined the Miller board in August. He has been a substantial market buyer of the shares recently, and is now believed to control more than 750,000 shares. The above-market prices paid for the two parcels traded yesterday illustrate the eagerness of T.N.T. and the Miller directors to increase their influence over the company's capital. Miller shares rose 11c to 195 c yesterday—making a gain of 25c so far this week. The managing director of T.N.T. (Mr Peter Abeles) said yesterday that, in spite of the price of 225 c a share paid for the latest purchase, the average price of the company’s Miller shares is below 170 c.