Crash claims fifth broker
PA Wellington The 1987 sharemarket crash claimed its fifth sharebroker victim yesterday when Wellingtonbased broker, M.B. Stockbrokers stopped trading and said it was looking at ways to restructure. The firm’s managing director, Mr Roger Gardiner, said a return to trading depended on the outcome of discussions
with the firm’s bankers and other parties. Inability to comply with the Stock Exchange’s liquidity requirements was given as the main reason for the firm’s voluntary suspension. The firm has lost a lot of business since the crash of last October with turnover dropping 70 per cent. In November, 25 staff
were laid off and yesterday’s announcement follows several days of speculation that the firm was in trouble. Mr Gardiner said the viability of the firm’s offices at Lower Hutt, Wellington and Auckland was being examined as part of restructuring proposals. M.B. Stockbrokers acts for about 4000 small investors, but has limited
connections with institutions. Mr Gardiner said the Stock Exchange was being kept fully informed of the company’s financial situation. The chairman of the Wellington Regional Stock Exchange, Mr Kevin O’Connor, said a further statement could be expected shortly.
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Press, 28 January 1988, Page 25
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190Crash claims fifth broker Press, 28 January 1988, Page 25
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