Management in confusion?

Press, 9 July 1986, Page 34

Management in confusion?

There appears to be some confusion among the management of Areco Holdings, the company being taken over by Petro Taranaki NL.

A lawyer, Mr Peter Gilbert, acting for a Count Anton von Tarkanyi wished to speak to the extraordinary general meeting of PT regarding a claim for 2 million PT shares.

Mr Gilbert gave “The Press” a copy of a letter from Areco managing director Mr A. R. Pollard, which confirmed “that you Introduced the subject company to this group with the intention of this group (Areco) acquiring a substantial portfolio of shares in Petro Taranaki NL.”

The letter went on to say that in the event of the transaction being successfully completed "this group warrants to direct the share registrar of Petro Taranaki N to issue to you or your order shares to the equivalent value of sAustsoo,ooo paid to N.Z. 30 cents each, calculated at the same lated for this group to-

rate of exchange as calcugether with such pro rata share of options should options form a part of this transaction.”

On this basis the count would receive about 2 million shares. However, Areco director, Mr Colin Bryant, said that Mr Pollard had no authority to grant the shares as there was already a covenant over them. He said he had no knowledge of the deal. “It appears to be a misunderstanding,” he said.

The actual fee for introducing the two companies was sAustlso,ooo said Mr Bryant, and this would be paid by the five Areco shareholders.

Mr Gilbert said he would be considering legal action on behalf of the Count.

It is understood that the count wished to take a more active involvement in the restructured PT including a position on the board.

The count, also known in Wellington where he was brought up as Tony Nagy, gained fame in Australia where he won an oil concession from Crown Prince Ajman of the United Arab Emirates, in favour of an Australian copper explorer, Northland Minerals, Ltd.