Repco bid
AAP Sydney Mr Bruce Judge’s Ariadne Australia, Ltd, has almost snared control of Repco Corporation Ltd after a $47.57M raid on Australian sharemarkets on Thursday. Ariadne is believed to have picked up almost 26M Repco shares at 156 c and 4.5 M notes at 155 c on market after announcing its S33OM bid for the 78 per cent it did not already hold.
An Ariadne spokesman confirmed that the company had bought the bulk of the 32M shares in the automotive products company traded in Melbourne and Sydney on Thursday.
Institutional analysts said that the buying, conservatively estimated at 13 per cent of Repco’s issued capital, would give Ariadne a stake in Repco of at least 35 per cent. This does not include the convertible notes which are eligible for conversion in July. There are 30M on issue, which would translate to about 12 per cent of expanded capital, and Ariadne is believed to have almost 2M.
The AMP society, with about 13M shares, and National Mutual Life Association, with more than BM, are still believed to be holding out.
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Press, 14 December 1985, Page 23
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182Repco bid Press, 14 December 1985, Page 23
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