COMMERCIAL Uranium stocks shaken by bids

Press, Volume CXI, Issue 32554, 13 March 1971, Page 20

COMMERCIAL Uranium stocks shaken by bids

(N .Z.P.A.-Reuter—Copyright)

SYDNEY, March 12.

Queensland Mines, Ltd, and Kathleen Investments, Ltd, shares lost significantly on the Sydney Stock Exchange yesterday. Public tenders were called for Minsec’s holdings in the two companies on March 5, and tenders closed yesterday. Queensland slumped 200 c to 2300 c, and Kathleen lost 90c to 1000 c.

The official liquidator of Mineral Securities Australia, Ltd (Mr J. H. Jamison) said that he had received some satisfactory bids for the company’s shares in Queensland Mines and Kathleen Investments, but not for the whole parcel. Tenders closed at 5 p.m. yesterday. Mr Jamison said the matter would be considered further and he gave no indication of the value of the bids received. The tender, advertised in London and New York as. well as in Australia, was called for 749,418 Kathleen Investment shares and 447,965 Queensland Mines shares. Mr Justice Street in the

Equity Court had authorised Mr Jamison to sell the shares. Mr Jamison had applied to Mr Justice. Street for certain directions, and evidence for his application was heard in chambers. Mr Justice Street subsequently authorised Mr Jamison to sell part or all of the stock units in Kathleen and Queensland Mines, and the latter published an invitation to tender for these shares on March 5. The company’s secured creditors, which include the Bank of Australia and New Zealand, Patrick Partners and Ord. 8.T., Ltd, had not agreed upon or set a price limit, Mr Jamison said. Minsec was wound up by Mr Justice Street on March Early in February, the company made an unprecedented request to the Sydney Stock Exchange to have trading on its shares suspended, after an accounting change transformed a $3.5m profit for the six months to December 31, 1970, into a $3.28m loss.