Brighter outlook for JBL Minerals

Press, Volume CXIV, Issue 33460, 15 February 1974, Page 10

Brighter outlook for JBL Minerals

(New Zealand Press Association)

AUCKLAND, February 14

JBL Minerals shareholders were told I today that their company has been virtually 1 cut free from “confusion” surrounding the coHanse of 1 narent company, JBL con-

solidated. “I think you will find that the company is now operating virtually as one not in receivership,” the Government receiver for the J.B.L. group (Mr D. Hazard) told the annual meeting. The meeting, called to ; approve the accounts for the (years ended June 30, 1972 and 1973, was the first since the company subsided with the J.B.L. collapse in May. 1972. Only 21 shareholders i attended. Mr Hazard said the original company policy of deriving income from property investment was a good one, albeit something of a “punt.” An early study of the J.B.L. situation had persuaded him to isolate the Minerals subsidiary from the rest of the group, so that its work could continue. A decision on when Minerals would be withdrawn from the receivership would have to be made by the Government, he said. But he indicated that J.B.L. Minerals would be one of the first subsidiaries to be thus treated. Mr Hazard also said that although it was still impossible to estimate the potential value of the $500,000 company debentures in J.B.L. Consolidated, “it does appear there will be some value in them.” Of the Minerals prospects — maily ironsands, phosphite and gold — Mr Hazard said the company was actively inIvolved in discussions with outside partners, “and the situation is not without some interest.” As an economy measure, the meeting approved trimjming the board from six | members to four. Board members will begin receiving fees for the first

time since the receivership began. Mr Hazard is one of the four directors, but he said he would resign when J.B.L. Minerals was withdrawn from receivership.