Wgtn broker in talks
PA Wellington The managing director of the suspended broking firm of MB Sharebrokers, Mr Roger Gardiner, could give no indication yesterday of when it might resume trading. MB Sharebrokers, with offices in Auckland and Wellington, was suspended from trading at its own request on Wednesday.
Mr Gardiner said no decisions had been made on when the firm would return
to the trading floor and it was dicussing its options with bankers, the Stock Exchange, and other parties. However, the matter was being given urgency as MB Sharebrokers wished to make its position clear to other brokers, the exchange and investors, he added. Mr Gardiner said the firm expected to make a capital injection "commensurate with our needs". Although the broker was suspended for failing to meet the exchange’s liquidity re-
quirements, Mr Gardiner said that its liquidity was only part of the problem. MB Sharebrokers was the first broker to shed staff after the market crashed in October. There are now around 45 left, mostly in Wellington, where the office has a higher proportion of corporate business than in Auckland. “We have to cut costs, the clear area that can be identified there is staff,” Mr Gardiner said.
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Press, 29 January 1988, Page 20
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202Wgtn broker in talks Press, 29 January 1988, Page 20
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