Ansett to fee delisted

Press, 19 May 1981, Page 31

Ansett to fee delisted

PA Melbourne Ansett Transport Industries’ : 44-year history as a public) company will end on June 30 when the big airline, now controlled by News Corp and TNT, will be‘delisted. The end of the company’s glittering public-company history was sounded in a decision by the . Melbourne Stock Exchange. .. The company said News Corp arid' TNT had acquired almost all Ansett’s ordinary shares. “In view of this the Stock Exchange of Melbourne has determined that there is an insufficient spread of ordinary shareholders for continued listing and has advised that the ordinary shares of the company will be delisted from the stock exchanges from June 30, 1981,” the company said. In a letter to shareholders Ansett said shareholders may wish to trade their holdings on the stock exchange in the remaining few weeks. It is understood that News Corp and TNT will buy all shares offered. The delisting

stems from the harsh struggle for control of Ansett in 1979. The long-running battle ended with News Corp and TNT each holding about 49.5 per cent of Ansett’s capital. The remaining 1 per cent of capital, representing about 700,000 shares, is held by 1500 small shareholders. Before the takeover Ansett had about 22,000 shareholders. Under stock exchange listing requirements a company should have at least 300 shareholders, with at least 15 per cent of capital held by the public. The exchange has the discretion to allow listing when at least one million shares are held by at least 1000 members of the public. An exchange spokesman said Ansett had enough shareholders, but they did lot hold enough shares.