Tussle appears over
The tussle between Auckland and Wellington interests over sharebuying in Marac Holdings, Ltd. appears to have abated.
A firm of Auckland sharebrokers. Morrow and Benjamin. announced at 10 a.m. that they were standing in the market for 500.000 shares in Marac Holdings at 220 c for the ordinaries, and 115 c for the rights, thus reducing to half the quantity, their orgininal offer.
A firm of Wellington brokers. O'Connor and Grieve, picked up a small number at 221 c. and the closing quotes had buyers at 220 c. no sellers. Wellington quoted sell 230 c. At one stage yesterday morning buyers' quotes reached 260 c. Rights quotes are 115 c buy and 116 c sell.
although the sellers for rights were initially at 135 c. Yesterday 370.244 Marac shares were sold at 220 c — presumably filling the Auckland order, but a further 50.000 shares fetched 240 c. The on-market moves in Marac on Tuesday still have an air of mystery about them.
Market analysts are Suzzled at the motives beind the sharebuying by Morrow and Benjamin. Fletcher-Challenge holds close to 60 per cent of Marac and the next biggest shareholder. Security Pacific of the United States holds 16 per cent. Most market watchers yesterday discounted FletcherChallenge as the probable buyer. It is also thought unlikely
to be any of the other big shareholders in Marac. New Zealand South British Group, which is -shown as having 6.9 per cent as at March 31 last , year, is believed to have been selling Marac shares since then.
Another mystery is that the seeker of the one million shares on Tuesday, through Morrow and Benjamin, did not seem to have approached the institutional holders — as often happens when a big number of shares is sought.
No sales in Marac were made on Tuesday as late or special sales, either, as the Marac, buyers seemed to have stopped buying at the end of afternoon 'call.
Altogether 125.000 ordinary Marac shares sold on Tuesday at prices ranging from 226 c to 241 c, and 11,500 rights sold from 115 c to 136 c.
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Press, 22 January 1982, Page 14
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350Tussle appears over Press, 22 January 1982, Page 14
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