IEL take-over holding raised
NZPA-AAP Sydney The take-over specialist, Industrial Equity, Ltd, has moved to consolidate its take-over offer for Australian Oil and Gas Corporation, Ltd, by snapping up more than two million of that company’s shares during market trading. In addition, lEL has raised its offer for AOG to JAustl.4o a share from $1.20 after paying $1.40 for the company’s shares bought on-market.
The increased offer values the oil and gas producer and explorer at $56.70 million. lEL’s chief executive, Mr Russell Coward, said the on-market buying together with off-market buying took fEL’s interest in AOG to more than 26 per cent. Mr Goward said his company had received indications that there were other sellers on the market at $1.40 but lEL was “a little reticent about incurring the brokerage fees” associated with on-market buying. Before the latest purchases, lEL held 20.5 per cent of AOG’s issued capital.
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Press, 26 July 1984, Page 27
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149IEL take-over holding raised Press, 26 July 1984, Page 27
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