NAB shares to AdSteam?
NZPA-AAP Melbourne John Spalvins’ Adelaide Steamship group is rumoured to be the receiver of Monday’s special sale of almost 6.5 million National Australia Bank (NAB) shares on the Stock Exchange. The rumour followed recent Federal Government approval for Mr Spalvins’ companies to hold up to 15 per cent of
NAB voting shares. Brokers Mclntosh Hamson Hoare Govett put through the special sale in Melbourne, representing about 1.3 per cent bf the bank’s issued capital, at sAust6ooc a share. Treasurer Paul Keating last month approved plans by Adelaide Steamship associate David Jones to increase its stake in the National Bank from 9.8
per cent to 15 per cent. Mr Spalvins, announcing his 9.8 per cent holding on September 4, said a 15 per cent holding should entitle his group to two of the 12 NAB board seats. But on September 23 the National Bank said It would reject the bid for two board seats because directors could not see any benefits to offset their concerns at such a move,
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19871007.2.156.51
Bibliographic details
Press, 7 October 1987, Page 46
Word Count
172NAB shares to AdSteam? Press, 7 October 1987, Page 46
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.