Briefs

Press, 13 March 1985, Page 34

Briefs

Mainstay

The announcement by the chairman of Mainstay Properties, Ltd, Sir Ronald Scott, on Monday that discussions were under way with outside parties was made after the afternoon call of the Stock Exchange. A report on these pages yesterday said Mainstay prices fell “in spite of’ Sir Ronald’s announcement. The outside parties have "mutual interests in the developments of Mainstay Properties.” Mainstay ordinary shares yesterday fell 1c to 56c, and the options also dropped 1c to 15c. Feltex board Feltex New Zealand, Ltd, has announced changes to its board, because of Chase Corporation’s sale of its shareholding and the rise to 40 per cent in Equiticorp’s stake. Mr C. W. Reynolds, chairman of Chase

Corporation, Ltd, and Mr P. B. Coote have resigned, and three new directors have been appointed — Messrs A. R. Hawkins, J. M. R. Syme, and I. L. Gunthorp.

Odlins take-over Winstone, Ltd, has begun moves to complete the formalities of taking over Odlins, Ltd. In a letter to Odlins’ shareholders, Winstone says it now holds or controls 96 per cent of the issued ordinary shares, 95 per cent of the A preference shares, 92 per cent of the B specified preference shares, 91 per cent of the 12.5 per cent specified preference shares, and 96 per cent of the unsecured convertible notes. Share certificates and cheques for the cash to which Odlins share and convertible noteholders are entitled will be mailed on April 1. Winstone has also extended the closing date of the offer to April 5.

Waikato Stud Waikato Stud, Ltd, and Company has announced it is accepting applications for a special partnership for bloodstock breeding. Purchases of mares have been made “upon an extremely selective basis” and details of the class of bloodstock so far acquired have been publicised, the company said. Application is being made to the Commissioner of Inland Revenue to allow the partnership to balance on June 30. The company said deductions for tax purposes will still be applicable for the 1985 tax year as stated in the prospectus. The closing date has been extended to June 7 to allow for additional applications. BP up 60p British Petroleum (BP), aided by the strong United

States dollar, has announced a 61.6 per cent rise in net profits to SNZ33OOM. BP said the strengthening of the United States dollar more than compensated for lower oil prices and added 3NZ292.8M to the value of the company’s oil stocks. Earnings by the United States subsidiary, Sohio, were well up in sterling terms, but profits from selling petrol in the competitive European market were halved. On a replacement-cost basis, which strips out accounting distortions, the oil company said its profits rose 30 per cent to ?NZ3OSBM. Allied Mills

Allied Mills, Ltd, the Australian flour, bread, and stockfood firm, facing take-over threats from Industrial Equity, Ltd, and Arnotts, Ltd, has announced the formation of a joint venture company with the leading United States food group, the Pillsbury Company. The new company, which will trade under the name Eta Pty,

Ltd, is expected to have initial annual sales of around ?AustBsM (SNZI36M), but Mr Cadwallader said sales would grow rapidly as new products were introduced. Allied report group sales totalling $665.4M ($NZ1064.64M) last year while Pillsbury’s group sales exceeded ?US4 billion (SNZ9 billion) for the first time. Arab Harrods Three wealthy Egyptian brothers have won control of the group that owns Harrods, the London department store. The Al-Fayed brothers, who already own the Ritz Hotel, Paris, spent $NZ323.2M taking their stake in the House of Fraser to just over 51 per cent. The Al-Fayed Investment and Trust, which has offered $952M for Fraser, previously owned 29.9 per cent of the group. Many of the shares appeared to come from British millionaire “Tiny” Rowland and his Lonrho group, the Al-Fayed’s main rival.