Stereo FM unconcerned

Press, 15 August 1984, Page 35

Stereo FM unconcerned

PA Auckland Stereo FM, Ltd, was tightlipped yesterday about the mystery buyer seeking a 10 per cent shareholding in the company, except to say “we know who they are and we are not concerned.” The chairman, Mr Alan Sorrell, said the company’s annual report would be issued to shareholders within two weeks, and it would be inappropriate to make any comment to the media. The company is not issuing any advice to share-

holders regarding the 51.25 offer made through the sharebrokers, Buttle Wilson and Company, in the mar- i ket. i “That’s up to the share- ( holders to decide,” said Mr Sorrell. . He scotched any sugges- J tion that another broadcast- j ing company may be the ( unnamed buyer. ] “We are aware of our i obligations under the Broad- ] casting Act, which places constraints on such involve- j ments. Legally it would not ; be that easy.” i Meanwhile the buyer has ;

issued a statement through Buttle Wilson saying the bid is the highest seen in the market for some time and in the foreseeable future in view of the company’s situation, reported last week. It says the company’s reported losses would have seen asset backing drop to around 32 cents. Given a continuing loss in the current financial year and the recent rating drop, dividend prospects remained dim. Mr Sorrell said the statement was an independent assessment arrived at through publicly available infomaiim —