Petro Tar. sells shares, options in Sthn Pet.
PA Wellington Petro Taranaki, N.L., has sold shares and options in Southern Petroleum, N.L., while holding discussions with several groups seeking control of Petro Taranaki, said its chairman, Mr E. G. Albers, yesterday. In a statement to the Stock Exchange, he said that Petro Taranaki had in recent days sold 2,767,500 Southern Petroleum options — representing 6.5 per cent of that company’s listed options — at prices between
5c and 9c each. Petro Taranaki had also sold 1,180,000 contributing shares — 1.9 per cent of Southern Petroleum’s issued capital — for between 7c and 11c a share. “These sales have been taking place while discussions continue with a number of groups seeking control of the company,” Mr Albers said. “The directors have not accepted any proposal to date but will advise shareholders as soon as possible should any proposal be accepted. “The directors consider that the sales made to date will enhance the cash asset backing of the company’s shares, an objective also sought by those making proposals to the company.”
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Press, 4 December 1985, Page 42
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175Petro Tar. sells shares, options in Sthn Pet. Press, 4 December 1985, Page 42
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