Judge barred from trading
Judge Corporation, the Christchurch-based investment company, was yesterday suspended from trading on the New Zealand Stock Exchange (NZSE). ' I l ' l'j! ! -I N 7 f " ii : ' ;■ I i I i I i ‘ : ; il :' ' I I I
Judge had failed to provide" the NZSE vyithi a statement of how [the sharemarket meltdown affected its financial position, arid if it had been affected, to provide a [ list of its assets and liabilities.. The list, by way of a pro-forma balance [ sheet, was due at the exchange by February 29. The exchange’s i execu-, tive director,. Mr Roger Gill, said Judge had been given two extensions past the deadline,, but had still failed to comply. I “It was purely lon the basis that they were given two extensions and still ' did not provide a balance sheet that the stdck exchange executive decided to suspend them,” lie said. : “There.is absolutely no suggestion that there is any further trauma in the situation at this staked’ he said. Mr Gill said the only : other company that had not complied? 7 with ■ the pro-forma request- was Charter Corporation? but that company was in liquidation. ij ■ He said that to be fair I to the other. 287: listed | companies . that i ] did respond, Judge Corpora- i tion had to be suspended. Judge was expebted to file the balance] ' sheet { within “a few” days, he said. ■■ ■. 11 I • t { ‘‘They were' working on a matter which needed ; resolution before they could provide a meaning- i ful balance sheet;” Mr I Gill said. :{ Judge Corp’s chairman and founder, Mr Bruce
J[udge, was not available for comment on the suspension. He was in Australia, -{resigning as the non-executive chairman of Ariadne Australia. The resignation effectively severed the links Mr Judge had with the company which he turned from a near bankrupt Brisbane - quarrying, business in 1983 to a coriglomerate with assets of about $2.27 billion ' before the sharemarket crash. { . I Judge Corporation still owns about 20 per cent of Ariadne, but it is negotiating with several parties to sell the stake. i The Ariadrie board also accepted the 1 resignations of Messrs Peter Moloney, Frank i Cobham, lan Hume, and Bob Needham as directors. ] Board members remaining arel the newly appointed chief executive
and managing director, Mr Eugene Cafiero, the deputy managing director, Mr Donald Lifton, and Mr Geoff Wilson. '[ 11 Three of ;| the [vacant jseats on the board will be taken up by representa- { fives of Mr Larry [Adler’s FAI Insurances, including Mr Judge’s {former position. I! | |: { |J-‘ FAI, through its [6O per cent subsidiary Pernbroke Securities, is entitled I to the seats after arnassing a 26.5 per cent intelreStli in Ariadne as underwriter of a rights issue in: this wake of the sharemarketi slump. The new non-executive director willllbe ( Mr {Bruce Corlett, executive director of FAI. He I be| {joined on the board by Mr Rodney, Adler and Sir William Keys of FAI.[ .[ ! 1 1 , Two other new directors, Mr John Rothery bndj Mr Malcolm {Edwards are !| I- ° I
riot, connected! to FJAI. However, Mr Edwards is the managing directbn of Essingtqn Developments which is one of the suiiors for Judge’s Ariadne stake. Mr Adler said Arraine had been battered by the share sljump and woulc be substantially [ restructured and redrganised to try to restore jit to ’financial land commercial stability.! I Ariadne’s disclosure last month of the impact of Octobers market [slide showed {the cornpanyj had a net tangible asset backing of [3sc a share, IMr Adler said. This reflected a substantial deterioration in the company’s net tangible asset backing, he said. . j Ariadne shares were trading ;on the Australian Stock . Exchange at 37c each yesterday. [ ' i “The group’s assets and investments {need to be substan tally i restructured and reorganised in o[der to provide it! with a base to plan its; future with confidence,” | Mr Adler said. | j ( “It is! a very significant challenge and one not without! considerable difficulties,]’ he said. -Mr [Adler also announced that his company would support the granting of [25 million options in Arialdne to two of its directors. , The options, exercisable at 60c [a,.-,share, would be granted to | Mr Cafiero (17.5 million) : and Mr Lifton (7.5 million). {
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Press, 23 March 1988, Page 35
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700Judge barred from trading Press, 23 March 1988, Page 35
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