Tooths the target
The long-running take-over target, Tooth and Company, was back in the line of fire on the Australian sharemarket yesterday as speculators got the jump on a take-over bid by the Adelaide Steamship subsidiary, DJ’s Properties. .
Tooth shares finished the day 28c higher at 293 c amid talk by some brokers that the DJ bid of 290 c a share was at least 10c short of the mark. The directors said that they would make no recommendation on the offer but pointed out that the company had a net tangible asset backing of 367 c a share.
Tooth also announced that profit for the year to March 28 had improved 24.4 per cent to $18.6M.
Industrials.—Amatil, 212; ACI, 200; Ampol, 162; ANI, 355; ANZ, 498; APM, 223; ARC, 185; ASCProps, 122; Assoc Pulp, 230; Ansett, 300; AWA, 400; Bundaberg, 275; BHP, 1533 and rts, 1492; Brambles, 373; BMI, 254; NSW, 833; Boral, 202; BurnsP, 192; BorgW, 252; Carp, 245; CBA, 666; CBC, 650; CIG, 320; Clyde, 310; Comalco, 230; C’maine, 280; Coal All, 1240; Coles, 255; CSR, 646: Containers, 614; CUB, 270; Dunlop, 130; Elders, 440; Email, 172; EZI. 630: Fairfax, 171; FibreCon. 105: Fiji, 260; Gerrard, 221; GordonGotch, 200; Hardie, 480; Hooker, 150; Haiiimex. 120; Humes, 150; Herald, 260; ICI, 215; Ind Equity, 490: Jennings, 140; DJones. 145; HJones, 430; Kauri, 70; Lend Lease, 480; Mayne Nick, 290: McPhersons, 183; Monier, 150; PMorris, 405; Mauri, 110; Myer, 183: Natßank, 275: NatCons, 180; News Corp, 335; Nylex, 170; NZForest, 330; Oakbridge, 263; PionConc, 214; Pion Sugar, 200: Petersville, 250: Repco, 167; Rocla, 146; Rothmans, 415; Sleigh, 153; HSmith, 700; Swan, 180; Taubmans, 165; TNT, 268; Tooths, 293; Waltons, 100; Wwths, 18D; Wormaid, 395. Mining.—Allstate, 88; Ashton, 197; Assoc Min, 220; Bougainville, 180; CMI, 340; Cent Norse, 750; CRA, 450; ERA, 165; GemEx, 17; Gold Copper, 90; Hamersley, 440; Mid East 20: Me'talsEx, 105: Mailing. 20; MIM. 500; MtLyell, 205; NthßH, 325; Pancont, 780; Placer, 1600; Peko. 920; Paringa, 125; Poseidon, 440; QldMines, 1160; Renison, 980; Robeßiver, 125; Southland, 78:. Umal, 385; Woodsreef, 5; WMC, 586; Westralian, 95.
Oils.—Ampolex, 360; AOD, 133; AUG, 235; Beach. 285; Bridge, 700; Hartogen, 860; Longreach, 23; Magellan, 980; Oil Search, 24; Pan Cont 84; SthPac. 90; Santos, 650; Stirling. 22; Vamgas, 340; Woodside, 235.
investors waited for developments on the exploration front. Western Mining set the pace with a 26c rise to 586 c ahead of the start-up of its six-well Canning Basin oil programmme. However, Friday’s disappointing report from the Blina No. 1 well continued to
hang over Vamgas which dropped 20c to $13.40. B.H.P. firmed 5c to $14.90 in a muted response to a 3.95 per cent increase in .steel prices, and CSR gained 6c to 646 c after the signing of a 40 million tonne 20-year coal deal with the Queensland Electricity Generating Board.
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Bibliographic details
Press, 2 June 1981, Page 22
Word Count
474Tooths the target Press, 2 June 1981, Page 22
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