THEATRICAL DEAL

New Zealand Herald, Volume LXXIV, Issue 22917, 21 December 1937, Page 10

THEATRICAL DEAL

DOMINION PUBCHASE ■]: j. c. WILLIAMSON SHARES QUESTION OF FUTURE POLICY [from opb own correspondent] SYDNEY. Dec. 17 r. The purchase by a New Zealand group of 200,000 out of the 375,000 ordinary shares of J. C. "Williamson, Limited, the old-established Australian theatrical firm, is regarded as the most dramatic story in Australian stage history. The sellers were Sir George Tallis and Mr. Arthur W. Allen, the latter, a veteran Sydney solicitor, heading a family group. The negotiations lasted for four months, and the transaction, at a price not disclosed but probably exceeding £1 a share, was settled in cash. The New Zealand investors were represented by Messrs. J. H. Mason and C. G. McKellar. Mr. K. W. Asprey; solicitor, of Sydney, conducted the final negotiations. J. C. Williamson, Limited, controls legitimate theatres throughout . Australia, and also owns valuable real estate in the capital cities. The company has a total paid-up capital of £545,000, in 375,000 ordinary £1 shares and 170,000 6 per cent cumulative £1 preference shares. Only the latter are listed on the Stock Exchange, and they are quoted at 20s 3d. Control of J. C. Willianjuon, Limited, at present is in the hands of the Tait family, Mr. E. J. Tait being managing director. They hold the majority of the 175,000 shares not sold to the New Zealand group, and interest is now centred on what part they will play in the direction of the enterprise. Most observers expect a radical change in control. Mr. E. J. Tait, however, is of a different opinion. "The sale of the 200.000 shares does not give the New Zealand group control or management of the company's affairs," he said. Dealing with suggestions that the new shareholding interests would inaugurate a new policy for the company, be said it had always been the policy of the Taits that the company should extend it« operations. They had pressed time after time for the abandonment of the present stand-still policy, but their views had not been supported by the interests that, were now reported to hai e sold their shares. The company was at present in a position to a new Sydney theatre in place of the two theatres which had been closed in recent years, and the Taits would welcome the advent of any new blood into the company if that meant th« support of their own policy.