Bell still able to increase stake
PA Auckland The agreement to limit Bell Group’s voting rights in Wilson and Horton, Ltd, to 4.9 per cent does not stop Bell from increasing its stake la the Auckland publishing company. The Wilson and Horton deputy chairman, Mr T. N. Johnston, said the company had no guarantee from Bell Group that it would not keep buying or even that it would divest shares.
Wilson : and Horton shareholders heard at an extraordinary meeting on Tuesday that various undertakings had been given by the company, and Bell Group, to satisfy both parties following a raid on Wilson and Horton’s shares by Mr . Robert Holmes a Court's Bell Group. The meeting considered and passed two resolutions aimed at protecting the Wilson and -Horton interest in a television channel warrant application sought by.its associate company. Southern Cross Television.
Applicants are restricted to having no more than 5 per cent overseas shareholding in order to comply with television channel ownership conditions. Wilson and Horton feared the 10.35 per cent stake Bell Group held in Wilson and Horton would jeopardise the application, and proposed two changes to its articles of association to prevent its overseas share ownership Increasing.
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Press, 11 June 1987, Page 26
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199Bell still able to increase stake Press, 11 June 1987, Page 26
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