ASX bans Elders specials
NZPA-AAP Melbourne The Australian Stock Exchange has banned special sales in Elders IXL shares pending a Part C takeover offer by Harlin Holdings Pty, the private company controlled by chairman, Mr John Elliott, and fellow executives. Special sales, where a single broker handles a crossing, are not allowed under' the exchange’s business rules after the formal announcement of a Part C.offer. The rule is designed to stop brokers stockpiling large parcels of shares before the bidder stands in the market. But the exchange’s assistant companies manager in Adelaide, Elders' home exchange, said specials were banned from Monday even though Harlin had not formally announced its bid. Harlin has said it is close to finalising finance for a Part C bid and expects to make an announcement before a shareholders’ meeting on July 27. The shareholders’ meeting is to approve Harlin’s plans to underwrite the sale of a stake in Elders at sAust3 a share by Petitio, a joint venture between Goodman Fielder Wattie and AFP Group.
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Press, 19 July 1989, Page 39
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170ASX bans Elders specials Press, 19 July 1989, Page 39
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