Briefs

Press, 13 September 1988, Page 25

Briefs

Brambles 15th Brambles Industries, the Sydney-based international transport group, reported a 33 per cent increase in net profit to sAustl26.lM for the June 30 year — its fifteenth consecutive record annual profit. The result was after providing 579.9 M for tax — up 512.5 M. Heinz on drought H.J. Heinz Company, a Pittsburgh-based food producer, expects a 5 to 7 per cent increase in the prices of its final product prices this year because of the U.S. drought, said Heinz chairman, Mr Anthony O'Reilly. Heinz had changed emphasis from regional companies to global brands and that products with Heinz in the name would remain at only 30 per cent of all the company’s brands. NCL record National Consolidated (NCL), an associate of Mr John Spalvin’s Adelaide Steamship ' Company, earned a record equity accounted net

profit of sAusts2.9M in the June 30 year, up 6 per cent on the previous corresponding period.

Giant bid

Giant Resources has announced a sAustl2sc a share offer for Augold in a bid to gain 100 per cent of the Horn Island gold project in the Torres Strait off the North Queensland coast. The bid values Augold at about sAust3sM and represents a 23c premium above the company’s pre-offer market price. Giant, which owns 20.2 per cent of Augold, has 68.3 per cent of the Horn Island project. The remaining 31.5 per cent is held by Augold. Min. Res. opts Major shareholders in Mineral Resources (N.Z.) exercised options to take up more shares at 60c each, above the market price of 56c. Of the options, 73.9 per cent issued in April, 1986, were exercised before the final date of August 31. United Resources Investment Holdings and Otter Explora-

tion, Nl, the major shareholders, had lifted their holdings to 27.4 per cent and 25 per cent respectively through exercising options. Bond in court A Sydney Federal Court judge has begun hearing Mr Alan Bond’s demand for further particulars of matters to be investigated concerning his fitness to hold a broadcasting licence. The Australian Broadcasting Tribunal has said it intends to inquire into, among other things, Mr Bond’s $NZ516,000 defamation payout to Sir Joh BjelkePetersen. The tribunal plans to resume its inquiry on October 17, in spite of a High Court action by Bond Corporation. lEL extension Sir Ron Brierley’s Industrial Equity has extended its hostile takeover offer for Australian Diversified Resources, until October 14. lEL, through Tramyet Pty, Ltd, is offering Aust7sc for each ordinary share and Aust2s.lc for every partly paid. The bid is subject to 50.1 per cent acceptance. Since launching the offer lEL has only reached about 19.7 per cent.