Theseus sticks to ‘don’t sell’

Press, 10 February 1989, Page 18

Theseus sticks to ‘don’t sell’

PA Wellington Theseus Investments posted a “don’t sell” notice yesterday pending further information about takeover talks with a United Kingdom listed company. However, since the notice was issued, major shareholder Government Life Corp sold two million shares representing about 6 per cent of Theseus’ capital. Theseus shares closed the day 8c down at 50. The Company secretary, Mr Peter Williams, said Theseus did not believe the sales by Government Life were linked to the talks and did not know why it sold in spite of the “don’t sell” notice.

Theseus expected to make a detailed announcement about the talks by February 14. Shareholders were once again advised not to sell. Earlier yesterday the company announced an issue of ordinary shares at 55c each and 3,000,000 options following a resolution passed at its last annual meeting, aimed at achieving a spread of investors in the U.K. The shares were being held by Gerrard Vivian Gray of London. Corniche Securities, Chescor Securities and Kernow were holding 1,000,000 options each, excercisable at par on or at any time before December 31, 1991.