Brierley invited
NZPA-AAP Sydney Industrial Equity, Ltd’s chairman, Mr Ron Brierley, has finally been invited to join the board of the Australian Gas Light Company.
AGL said in a statement that the directors have invited Mr Brierley to join the board from the beginning of next month. Their decision follows the enactment last week of the Gas Act 1986, which includes provisions relating to the acquisition last year by lEL of 41.55 per cent of AGL. Under an agreement
reached in May, lEL’s stake was transferred to its 70 per cent-owned subsidiary Australian Oil and Gas Corp Ltd. lEL’s holding was therefore diluted to 30 per cent and it has agreed to accept a 5 per cent limit on voting rights. Mr Brierley first applied for representation to the AGL board in April, but avoided a full scale showdown with AGL’s chief executive, Mr Maurice Williams, by withdrawing his nomination. Under the agreement, lEL is not allowed to have more than one seat on the AGL board for the first two years.
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Press, 20 December 1986, Page 35
Word Count
172Brierley invited Press, 20 December 1986, Page 35
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