Advertiser decision soon
NZPA-AAP Melbourne The Adelaide Stock Exchange is expected to decide in the next few days whether Advertiser Newspapers, Ltd, breached listing requirements by accepting the News, Ltd, offer for its 12 per cent stake in the Herald and Weekly Times, Ltd. Under section 3J (3) of the listing requirements, a listed company must get shareholder approval before selling more than 5 per cent of shareholders’ funds to a substantial shareholder. News, Ltd, became a substantial shareholder in Advertiser through its controlling — although unregistered — interest in HWT which, in turn, owns more than 50 per cent of Advertiser.
The stock exchange can waive the listing requirement. Meanwhile, Mr Ron Brierley’s Industrial Equity, Ltd, which has accumulated a 17 per cent stake in Advertiser, is reported to be interested in HWT subsidiary, Davies Brothers, Ltd, the publishers of the “Hobart Mercury.” lEL is- reported to be seeking a controlling interest in Davies Brothers, which is 58 per cent owned by HWT. In what may be seen as a pincer movement, observers say lEL has targeted a 20 per cent interest in Advertiser to influence any negotiations with News, Ltd, that may arise over the future of Davies Brothers.
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Press, 4 February 1987, Page 40
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199Advertiser decision soon Press, 4 February 1987, Page 40
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