Sir Francis to regain control

Press, 6 August 1987, Page 30

Sir Francis to regain control

PA Wellington Sir Francis Renouf is to regain control of the investment company Renouf Corp, Ltd.

After a board meeting to tidy up incomplete transactions involving its share register, the company said agreement had been reached with Sir Francis Renouf and his associated interests for them to acquire a controlling interest in Renouf Corp by way of a contract over Ariadne Australia, Ltd’s remaining 60 million Renouf Corp shares at 300 c each ex bonus.

Sir Francis and his family currently own 45M shares in Renouf Corp. The purchase will bring Sir Francis Renoufs holding to just over 36 per cent of Renouf Corp, Ltd. Until recently Mr Bruce Judge’s company Ariadne Australia, Ltd, controlled 54 per cent or 90M shares in Renouf Corp. After the l-for-2 bonus issue in March, Ariadne would have had 135 M shares in Renouf Corp. But earlier on February 10, Renouf Corp announced that Ariadne’s 90M Renouf Corp shares were to be broken up into three parcels of 30M shares cum bonus, or 45M

shares ex bonus. Of Ariadne’s 135 M shares after the bonus issue, Judge Corp was to buy or underwrite the placement of 45M shares, 45M would be placed with an overseas party unrelated to the group, and the remaining 45M held by Ariadne were going to be placed through brokers Frank Renouf and Co.

But Renouf Corp said in a statement yesterday that Ariadne had actually only sold 50M Renouf Corp shares cum bonus, or 75M ex bonus.

These shares were sold at 800 c each cum bonus but on a deferred settlement basis giving an effective return of 700 c each which was the approximate market price in February.

As a result, after the bonus issue most of the 75M million shares Ariadne sold had gone to a company called Harmony Securities, Ltd, which was not associated with either Renouf or Judge interests. Harmony now holds 45M shares in Renouf Corp.

Of the 135 M Renouf Corp shares Ariadne would have held after the bonus issue, it has now disposed of 75M and it is the remaining 60M that Sir Francis, the founder of. the company, has agreed to buy to regain his original controlling interest