Industrial Equity questions South Australian Premier on voting rights
PA Sydney The chairman of Industrial Equity, Ltd, Mr Ron Brierley, has written to the premier of South Australia. Mr David Tonkin, demanding that he clarify his Government's intentions toward the two-year-old issue of private shareholding in the South Australian Gas Company (SAGASCO). “In view of the (impending) state election." Mr Brierley wrote in a letter released by the Sydney Stock Exchange, he felt the Premier should indicate his intentions toward either restoring equitable voting rights in SAGASCO’s affairs to ordinary shareholders, or compensating them for lost rights. Brierley said that when the state Government directed SAGASCO; in Octo-
ber. 1980. to issue 20.000 shares to the Slate Government Insurance Commission, which conferred upon the SGIC 50.6 per cent of total voting power, it "effectively disenfranchised" all private shareholders. Mr Brierley said such an act was both “unprecedented and undemocratic," and had created a “visibly unfair capital structure (which was) causing untold damage to South Australia’s investment image — particularly with overseas investors.”
Mr Brierley said that in view of the fact that SAGASCO was due to hold its annual general meeting next month. Tonkin should indicate his intentions by answering the following questions: ® Would the Government give favourable considera-
tion to restoring voting rights to ordinary shareholders in SAGASCO” • What has been the Government's reaction to various re- structuring proposals put to it by SAGASCO’s directors? • Would SAGASCO be forced to sell or dilute its 50 per cent share in South Australian Oil and Gas Corp Pty, Ltd, to the state Government Insurance Commission or another government agency’ © And if so would such a transfer be at fair market value or by way of expropriation? In writing to Mr Tonkin, Mr Brierley said he had the support of "numerous shareholders, who represent in total well over 50 per cent of the issued capital at any general meeting" of SAGASCO.
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Press, 27 October 1982, Page 33
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318Industrial Equity questions South Australian Premier on voting rights Press, 27 October 1982, Page 33
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