NCSC hopeful
NZPA-AAP Perth The National Companies and Securities Commission (NCSC) is now hoping to return to the Supreme Court in Perth today with a new agreement on the board composition of Alan Bond’s Bell Resources, Ltd (BRL). The NCSC had hoped to settle the matter on Friday, but discussions are continuing between BRL’s parent company, Bond Corp Holdings aqd John Spalvins’ The Adelaide Steamship Co.
The commission has claimed an agreement between Bond Corp and Adsteam under which each now have four seats on the nine-man board is in breach of Section 11 of the Takeover Code.
Earlier last week it applied to the Supreme Court to relist an Adsteam petition, since withdrawn, calling for the appointment of a receiver to BRL. The commission is believed to be seeking the appointment of further independent directors to BRL. At present, the casting vote on the board is held by an independent chairman, merchant banker Mr Goeff Hill.
Meanwhile, Bond Media has announced the appointment of B.T. Corporate Finance, Ltd, as its financial adviser
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Press, 18 December 1989, Page 13
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173NCSC hopeful Press, 18 December 1989, Page 13
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