THEATRE CONTROL

New Zealand Herald, Volume LXXV, Issue 23052, 1 June 1938, Page 14

THEATRE CONTROL

J. c. WILLIAMSON, LTD. NEW ZEALAND PURCHASE OVER £200,000 INVOLVED [by TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Tuesday Negotiations have been concluded for tho purchase by a group of New Zealand business men of controlling interests in J. C. Williamson, Limited, and the whole undertaking will in future operate as an investment company. The New Zealand buyers include Mr. J. It. McKenzie, who has consented to act as chairman of tho new board of directors, which comprises besides Mr. McKenzie, Sir Robert Best (Melbourne), Messrs. John Tait (Melbourne), Frank Tait (Melbourne), E. J. Tait (Sydney) and K. W. Asprey (Sydney). The purchase price of the controlling interests, which have been acquired from Sir George Tallis, of Melbourne, and Mr. Arthur W. Allen, of Sydney, is in excess of £200,000, and the transaction probably represents one of the largest cash purchases of its type in recent years. The purchase by the New Zealand group of tho controlling interest in J. C. Williamson, Limited, is part of the reorganisation which is taking place in this old-established theatrical firm. The proposals will have the effect of separav ing the real estate section of the company's assets from the theatrical side of the business. In future J. C. Williamson, Limited, will act essentially as an investment company. A separate company with a capita] of £105,000, Australian and New Zealand Theatres, Limited, has been formed in Australia and this company will be responsible for the production aspect. It has made proposals to lease all the J. C. Williamson theatres, stores and copyrights, and to acquire the scenery, wardrobe and properties, etc., appertaining to the theatrical side of J. C. Williamson's business which has accumulated in the last 60 years. All the personnel of the organisation will be taken over by the new company, so that there will be no dislocation in the continuance of the business. Messrs. E. J. Tait, F. S. Tait, J. H. Tait and J. Niven Tait have not disposed of their shareholding in J. C. Williamson, Limited, and they will all be actively associated as before in the management, as well as being shareholders m the new theatrical organisation. Tho capital of J. C. Williamson, Limited, is £545,000 (170,000 preference shares and 375,000 ordinary shares), with substantial assets consisting of the valuable property known as Her Majesty's Block, Sydney; the Regent Theatre. Sydney; a large block of land in Castlereagh Street, Sydney; His Majesty's and Comedy Theatres, Melbourne; and freehold properties in Wellington and Christchurch, as well as various theatrical stores in Melbourne and Sydney.