DB denies BIL intends to sell its shares

Press, 9 July 1986, Page 35

DB denies BIL intends to sell its shares

PA Wellington The managing director of Dominion Breweries, Ltd, Mr Jim Fletcher, has issued a “categorical denial” that Brierley Investments, Ltd (BIL), intends to sell its shares.

In a letter to staff, Mr Fletcher said statements in the press that Brierley’s would sell its holding in DB to Carlton United Breweries, Ltd, of Australia, were untrue. “The mistake the rumourmongers make is to assume that BIL is actually planning to sell. Bruce Hancox (BlL’s chief executive) has told

me categorically that BIL has no intention of selling its shares to Carlton or Roc Mac (a small private South Island brewery) or anybody else for that matter.”

Mr Fletcher said, however, that Brierley’s was an investor and like any investor it could always sell an investment. “We who work at DB know this speculation is false. We know our market share and the gains we made last year. We know the number of new outlets we are signing on at Lion’s expense, we know the new products

we are launching in the next few months. We know how demoralised the rank and file Lion people are, particularly in the face of DB advances in central and southern regions.” Mr Fletcher said he did not intend to fight the scuttle by issuing angry denials to the press. All this did was to revive the rumours and give them underserved credence. “The only way to counter these rumours is to prove them wrong by our results. So let’s make 1986-87 the year we’re the best,” he said.