BIG THEATRICAL DEAL

Southland Times, Issue 23392, 27 December 1937, Page 11

BIG THEATRICAL DEAL

WILLIAMSON SHARES PURCHASED CONTROL OF POLICY FOR THE FUTURE SYDNEY, December 17. 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. Th 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 20/3. Control of J. C. Williamson, 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 nlay 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, he said it had always been the policy of the Taits that the company should extend its 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 have sold their shares. The company was at present in a position to erect 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 the support of their own policy.