Meeting on Judge moves

Press, 24 February 1987, Page 24

Meeting on Judge moves

Judge Corporation, Ltd, is calling an extraordinary, general meeting of shareholders to consider “further major investment initiatives.” Shareholders will be asked to approve the placement of shares to assist in financing the purchase, directly or indirectly, of up to 60 million shares in Renouf Corporation. Judge Corp, is also at the point of acquiring a strategic stake in an unnamed company. The shares may be issued for cash or in exchange for shares, at a price not less than 10 per cent below the average market price for the three trading days before the date of agreement.

Another condition is that no shareholder may become the beneficial owner of 30 per cent or more of Judge Corp, capital as a result of the placement.

In a letter to shareholders the chairman, Mr Bruce Judge, said the initial task in front of the company (formerly J. Mercer Industries) was to restore its profitability and to establish a dominant shareholding position in the Ariadne Australia group.

- “This has now been done and with the result now coming through from Ariadne Australia, I am sure shareholders will see

the wisdom of that acquisition.”

Mr Judge said that to continue the growth in earnings a share it is important to be able to take opportunities at short

notice. “We have had available to us the ability to take a major role in the ownership of the’ Renouf Corporation group. For the allotment of only 15 million shares we will be able to take effective control of the Renouf Group which has assets in excess of $1 billion and forecast profits of SISOM a year.”

Shares to be issued in this respect have been placed offshore with undertakings that they would not be sold for two years, and even then first offered back to Mr Judge whose intention would be to purchase them.