IBC issues ‘don’t sell’

Press, 5 March 1988, Page 27

IBC issues ‘don’t sell’

PA Hamilton The directors of Hamilton radio stations. Radio Waikato and 89.8 Kiwi FM, yesterday warned shareholders not to sell, following weeks of rumour of a possible takeover by Auckland’s Radio Pacific. The directors of Independent Broadcasting Co, Ltd, which operates the ; two stations, issued the I “don’t sell” notice yesterday through the Stock Ex-1 change.

Negotiations were und-i erway which could affect the value of IBC shares,! the notice said.

A further announce-; ment would be made when the negotiations were concluded or ter? minated.

Radio Pacific's general manager, Mr Derek Lowe; said it was “inapproprij ate" for him to comment on the “don’t sell” notice or the rumour at this stage. Radio Pacific was involved in a procedural! hearing of the Broadcasting Tribunal on March 10, which related to Radip Waikato’s warrant. I Radio Waikato’s managing director, Mr Stuart

Stubbs, said sehior staff at the station had been advised of the “don’t sell” notice and told negotiations likely to affect the value of shares were underway.

IBC is 51 per cent owned by Independent Newspapers, Ltd, publishers of the "Waikato Times,” "Sunday News,” "Truth,” the “Evening Post,” the “Dominion” and other publications. INL is 40 per cent owned by Rupert Murdoch's New’s Corp, Ltd.

Fay Richwhite

Fay Richwhite Investment Management, Ltd, has issued a “don’t sell” notice to holders of Capital Investment Trust Units, saying negotiations under way were likely to have an impact on the value. Fay Richwhite issued a similar notice on February 23 and said then they expected to be able to provide further details within seven days. The directors said in the latest announcement that they now expected to make more information avail-* able “shortly.”