Bond poorer by $Aust250 million

Press, 13 May 1989, Page 29

Bond poorer by $Aust250 million

NZPA-AAP Sydney Mr Alan Bond still ranks as one of Australia’s richest people, but his wealth has been sharply cut because of a sharemarket backlash against his group of companies, Business Review Weekly (BRW) magazine said.

Mr Bond’s wealth is now estimated at sAustloo million, (SNZI27.SM) with sAust3soM ($NZ446.48M) a year ago, BRW said in its Friday issue.

The issue contains the magazine’s annual Rich 200 list, which again ranks Mr Kerry Packer as the richest person in Australia.

The market capitalisation of Bond Corp Holdings, the flagship of the Bond group of companies, has been cut by about half to sAust43oM (SNZS4B.SM) in the last year.

Analysts have said the sharp fall in Bond Corp’s share price to about a dollar compared with sAust2.3o in mid-1988, reflects adverse publicity about his sAust4 billion debt burden, media operations, property dealings, and use of tax havens. BRW also said the wealth of the Perth-based investor, Mr Robert Holmes aCourt, improved in the last year, rising by sAustlsoM to sAust7ooM (SNZI9I.3M to SNZB92.9M) to rank second on the individual list

Mr Holmes aCourt was ranked as Australia’s richest person in the year before the October, 1987, stockmarket crash. A Holmes aCourt company yesterday launched an sAustB2M (SNZIO4.6M) bid for Sherwin Pastoral

Company, representing his first take over bid since February last year. BRW said Mr Packer was at the top of its list, on an individual and family basis, with a valuation of sAustl.B billion (5NZ2.29 billion) — a rise of sAust3ooM (SNZ3B2.7M) in the last year.

Mr Packer’s Consolidated Press Securities has recently begun a sAust746M (SNZ9SI.6M) bid for the heavy engineering firm, Australian National Industries.

On a family or group basis, Mr Packer was followed by the Murdoch family. BRW would not provide details of the Murdoch family’s wealth. It said 45 per cent of those who made the list had major property investments.