Adsteam bid to uncover manoeuvring

Press, 21 April 1984, Page 21

Adsteam bid to uncover manoeuvring

NZPA-AAP Adelaide The Adelaide Steamship Company, Ltd had instructed B. Seppelt and Sons, Ltd, to issue Section 261 share register searches covering the holders of more than 50 per cent of Seppelt’s capital, the Seppelt managing director, Mr Brian Burns, said this week? The searches would assist Adsteam in discovering whether members of the Seppelt family held talks or acted in concert during any share purchases when Adsteam mounted its recent abortive take-over bid, sAust9 a share, for the South Australian winemaker. Mr Burns said Adsteam’s request came on Friday and that Seppelt had seven days to complete the search of its register. He said the Companies Code Section 261 notices covered about 28 individual shareholdings, including blocks held by C-C Bottlers, Ltd, the State Insurance Commission of South Australia and the Seppelt family. Adsteam is entitled to request 261 searches of the Seppelt register because it holds a stake in Seppelt of more than 5 per cent. Seppelt owns about 23 per cent of C-C Bottlers which has a stake of about 17.5 per cent in Seppelt. The wine group recently fought off an Adsteam takeover bid, with a little help from its friends, which resulted in Adsteam claiming that Seppelt’s defenders acted in concert during share purchases. Following Adsteam’s complaint, the National

Companies and Securities Commission and the South Australian Corporate Affairs Commission launched an investigation into the acquisition of Seppelt shares. It concluded that there had been “nothing untoward” in the Seppelt share dealing.