Briefs

Press, 18 December 1986, Page 38

Briefs

Electrical buy

Lasercorp Holdings Ltd, has acquired an Aucklandbased electrical wholesaler, J. A. Russell, Ltd, for an undisclosed cash sum and the allotment of 5,250,000 shares in Lasercorp. The acquisition, which is subject to Commerce Commission approval, is the third made by Lasercorp in the last three months, following the purchases of A. and T. Burt Merchants, Ltd, and PDL Sales, Ltd.

Bell holding

Robert Holmes aCourt’s Bell Group, Ltd, has confirmed its holding in Queensland Press, Ltd, had been built up to nearly 15 per cent following on-market purchases. In a shareholder notice released by the Stock Exchange in' Brisbane, Bell Group’s J. N. Taylor subsidiary, Albany Broadcasters, Ltd, said it had spent $7.4 millionhto lift its holding in Queensland Press to 14.08 per

cent trom tne 13 per cent it had built up earlier. Rheem steady Increased tax charges dampened profit growth for Rheem Australia, Ltd, in the half year to November 30 causing the BHP subsidiary to report only a steady net profit of sAustl2.3s million (5NZ15.8 million) compared with sAustl2.3l million (5NZ15.75 million). This contrasts with a strong 27 per cent profit rise for the year to May 31 to sAust23.l4 million from sAustB.27 million.

FCL prospectus

Fletcher Challenge Finance Canada Inc, a unit of New Zealand-based Fletcher Challenge, Ltd, said it had filed a prospectus with the Ontario Securities Commission for an issue of cumulative redeemable retractable preferred shares, series B. The f underwriter is Wood Gundy'j lnc. Proceeds from the-sale will

be invested in the businesses of the Fletcher Challenge group for use in the purchase of assets and for working capital. Merger off The suggested merger between McConnell Dowell Corp, Ltd, and National Pacific Corp, Ltd, has been aban-

doned, the companies said. Both companies have withdrawn their don’t sell notices which were posted a week ago when merger talks were announced. McConnell Dowell told the Stock Exchange that it could see insufficient common ground for continuing discussions.

Mosgiel money Payments totalling almost $1 million should be made to all unsecured creditors of Mosgiel, Ltd, (in receivership) within a week. The receivers, Lawrence Anderson Buddle, said the first payment of 25c in the dollar was being processed now.