EZ control target near

Press, 21 June 1984, Page 24

EZ control target near

• AAP Melbourne North Broken Hill Holdings yesterday surged to within 3 per cent of winning majority control in its associate mining group, EZ Industries, after a sAustlO6.9 million share buying spree. Institutional shareholders in EZ Industries abandoned the company in Melbourne and Sydney for prices ranging between $5.94 to $6, the latter being North BH’s cash offer for each share. More than 17.8 million EZ shares — 14.34 per cent of the company’s issued capital — fell into the hands of North BH to take its total holding to 47.7 per cent. A North BH spokesman said the company would probably win 50.1 per cent control sometime today and then leave the stock market until the official Part A statement is sent to shareholders in about two weeks. Brokers said the support given by EZ shareholders to the offer indicated itiiat North BH was more Ban

likely to win full control of the Tasmanian and New South Wales base metal miner.

North BH’s managing director, Mr Mark Bethwaite, announced the long awaited bid last Tuesday; $6-a-share cash, or two North BH shares and $1.50 cash for each EZ share. Mr Bethwaite then said the company, which has been associated with EZ since the latter was founded in 1916, would be content with management control, or 50.1 per cent of the issued capital. Before the bid, EZ was trading at $4.50 a share in Melbourne and Sydney. EZ dominated trading in both centres yesterday and closed 6 cents higher in Melbourne at $5.96 and 4c higher in Sydney at $5.94. More than $100.34 million worth of EZ shares changed hands in Melbourne with $6.58 million of its issued capital going to North BH in Sydney.