D. Jones denies take-over
PA “* Sydney The chairman of David Jones, Ltd (Mr Lloyd Jones) has denied persistent press speculation of a take-over bid for the national retailer.
In a long statement to the Stock Exchange, Mr Jones said that at no time had the company been directly approached by any party seeking a take-over. Mr Jones said the speculation was derived from the poor trading performance of David Jones’ Australian retail operations over recent years.
He said poor trading had resulted in no dividend
growth and a depressed share price which was a substantial discount on net tangible assets per share. On sharemarkets, David Jones shares edged steadily up from a year’s low of 95c to 140 c after take-over talk early this year, and are currently at around 127 c.
Despite the denial, Mr Jones said it had been apparent to the board that the concept of a David Jones take-over had been proffered to the company’s competitors and other parties potentially interested in the break-up of the group’s ! assets.
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Press, 21 December 1978, Page 18
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172D. Jones denies take-over Press, 21 December 1978, Page 18
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