Haulaways not “locked in”

Press, Volume CXVI, Issue 34105, 18 March 1976, Page 22

Haulaways not “locked in”

The chairman of Haulaways Corporation, Ltd (Mr W. M. B. Thompson) does not consider that his company is “locked in” now that Brierley Investments, Ltd, appears to have won the battle for Northern Steam Ship Company, Ltd, at a cost of 145 c a share — despite the fact that his group paid considerably more for the shares it acquired.

Other than a casual contact last Thursday, there had been no other between Brierley Investments and himself, and he was not making any approach at this stage, he said.

“What is explicit in the term ‘locked in’?” asked Mr Thompson. “He (Mr R. A. Brierley) is also locked in plans to operate the company (Northern Steam). “We don’t have any fears about being locked in. If it’s his plan to distribute the profits then they go to all shareholders.”

Mr Thompson said it was not clear yet that Mr Brierley actually had the percentage of Northern Steam’s shares he claimed — believed to be more than 50 per cent.

His (Mr Thompson’s) intention had been to continue Northern Steam if a profitable proposition proved economically viable.

“The situation is far from clear,” he said. “We have

had contacts from many shareholders who say they have not accepted the 145 c bid.”

He went on to say the real key to the matter was what the other shareholders were left with.

Mr Thompson claimed there was a “considerable” reeling of dissatisfaction among these shareholders, a feeling they had been left only with the Brierley bid and without the counter bid from the Thompson side. That, added Mr Thompson, was not a very desirable situation from the viewpoint of those shareholders. Carpenter profit up The group net trading profit of W. R. Carpenter Holdings, Ltd, diversified Australian trader, rose 4.3 per cent in the six months to December 31. However, sales fell 3.2 per cent to sAust.97.Bm. A steady interim dividend of 10 per cent is payable on April 30.