IEL owns mystery parcel

Press, 17 January 1986, Page 8

IEL owns mystery parcel

NZPA-AAP Melbourne The Victorian Supreme Court has adjourned hearings seeking to establish the beneficial owner of a S6SM parcel of shares in North Broken Hill Holdings, Ltd. Much of the proceedings’ attempts to find the mystery buyer have been solved in the light of an announcement by Mr Ron Brierley’s Industrial Equity, Ltd, of a bid for a further stake in North BH. lEL said yesterday that it would offer 250 c a share for 100 M North BH fully paid shares and 170 c for each con-

tributing share. This would take its holding to 40.3 per cent of issued capital from 17.7 per cent.. Counsel for Crosley, Ltd, a Cook Island-registered company, Dr Clifford Pannam, QC, said that this company was the beneficial owner of the share parcel. Dr Pannam conceded to the court that Crosley was “subject to the direction” of lEL Counsel for North BH, Mr John Larkins, QC, said he had been instructed to push for the adjournment pending a meeting of the North BH board

today, and sought that the Section 261 A interim order for the shares to be vested with the NCSC be extended until 4.15 p.m. on Monday. Dr Pannam argued that NCSC should not sell the parcel before the beneficial owner was able to put its argument. Justice Fuflagar said* he did not propose an order that any of the shares in the parcel be sold yesterday. He extended the interim order until 4.15 pm on Monday. The hearing is to resume at 10.30 a.m. on Monday.