Mr lan Murray back in investments

Press, Volume CXI, Issue 32525, 8 February 1971, Page 17

Mr lan Murray back in investments

With the appointment of Mr lan Murray as its merchant banking adviser, Transcontinental Mining Corporation, Ltd, newly listed Sydney mineral explorer and mining investor, is preparing to become another raider of depressed mining stocks. The services of Mr Murray (formerly of the Austim group) have been retained through his company, Idiom Pty, Ltd. Announcing his appointment as a consultant yesterday, the directors of T.M.C. said Mr Murray would define a corporate plan to link at least three nublic companies (including T.M.C.) and would help assist T.M.C. in takeovers.

Mr Murray last night said T.M.C. would be seeking to acquire “strategic shareholdings” in mining companies which were now coming on to the boards at levels depressed below their issue prices. The assets would be used for exploration, acquisition of leases and operating mines.

“The first step is to do the Glomex-Trendex sort of thing,” he said. “There are a lot of good opportunities in mining companies around. I’m sure they’re not the only company thinking of this.” Transcontinental has granted Mr Murray an option to take up for cash 200,000 fully paid 5c shares in parcels not less than 10,000 at any time up to two years from the beginning of his appointment, which is for 12 months from January 28 last.

The exercise Drice of the options is 7c each in the first year and 9c each in the second year. All will lapse after the two years, if not exercised. Market price is now 4c. Mr Murray resigned last November after two years as chairman and managing director of Australian Industrial and Mining Corporation, Ltd. T.M.C. was listed on December 17 last, after raising $600,000 in a public issue of 12 million 5c fully paid shares at par.