Briefs

Press, 14 April 1984, Page 26

Briefs

Industry report The Association of Accredited Advertising Agencies will unveil next Wednesday a large report on the future of its industry. The report was prepared by Sir George Chapman who studied the industry here and in Australia and made recommendations on a range of issues, principally rates of remuneration and self regulation by the advertising agencies. The report has been studied by the association’s annual conference in Rotorua and a working party has been set, up to examine the document and decide on the implementation of recommendations. The association’s director, Mr C. Ineson, says the report’s contents will be made public at a press conference in Wellington next Wednesday. Victorian plan The Victorian Government will boost Melbourne as a commercial centre, strengthen the State Bank and scrap the regional assistance programme as part of a 10-year blue print to improve the state’s economy. The Victorian Corporate Af-

fairs Commission will be updated with increased staff and on-line computer facilities. sAust4sM of existing concessional loans to the State Bank will be converted to direct funding to give it more muscle. Take-over consent The Examiner of Commercial Practices has approved the proposal for Hallenstein Brothers, Ltd, to take over New Zealand Securities and Finance, Ltd, formerly Bowring Burgess, Ltd. Hallenstein announced last month that it had acquired 67 per cent of the finance company from Leadenhall Investments, Ltd, which was restructuring its organisation. The approval from the examiner means that Hallenstein can move to acquire the remainder of the finance company’s shares in the next 12 months. MIM funding Wholly-owned MIM Holdings, Ltd, subsidiary, Mount Isa Finance NV, will seek sAust93 million in the German and Swiss capital markets through two public issues in the next few weeks.

The funds are to be used for the general funding of the MIM group’s Australian activities. One issue will seek 100 million ISwiss francs (about SSIM) and the other, 100 million Deutschemarks (about S42M). MIM says the issues will enable the group to tap the long-term fixed rate capital markets of Germany and Switzerland and provide an opportunity to replace existing shorter term floating rate borrowings. CRA divestment Directors of the mining giant, Rio Tinto-Zinc, say they have no definite timetable for reducing the company’s stake in CRA to conform with the Australian Government’s foreign investment regulations. RTZ’s chairman, Sir Anthony Tuke, says his company has a 53 per cent holding in CRA following a rights issue by both companies last year. “There will in due course be another rights issue and we will decide then whether it is the right time to come down to the Foreign Investment Review Board’s required 49 per cent,” said Sir Anthony.