OFFER FROM BUCKROD

Press, Volume CXIV, Issue 33514, 20 April 1974, Page 17

OFFER FROM BUCKROD

N.Z. control challenged 1 , GV.Z. Press Assn.—Copyright) Sydney, April 18. The chairman of Industrial Equity, Ltd, (Mr R. Brierley) describes the take-over offer! ■for the company as a “com-1 plete non-event.’’ LE.L. is the subject of a take-over bid by its former! managing director (Mr R. J. Blackburn). i Mr Brierley said that the offer from Mr Blackburn was not being taken seriously. Mr Blackburn's bid would be 300 c cash an ordinary share for a total not exceeding 49 per cent of the .capital. The take-over vehicle would be an Australian company, Blackrod Ptv, I Ltd. It was Blackrod's aim to establish the control of LE.L. in Australian hands. It would then be freed from the restraints and the vulnerability which stem from its foreign ownership, Mr Blackburn said. I.E.L.’s take over activities were blocked by the Australian Government last year when legislation was introduced curtailing the activities of foreign companies. To get over the legislation, Brierley Investments. Ltd. the majority shareholder limited its voting rights to 14.9 per cent of the stock. Mr Blackburn, whose holdings of 35.000 shares ■ represents just over two per cent of the votes, needs only a further 15 per cent to give him a greater vote in the company's affairs than i Brierley” Investments,