HUDDART PARKER

Press, Volume C, Issue 29504, 4 May 1961, Page 19

HUDDART PARKER

New Bid For Control

(N.Z.P.A .-Reuter—Copyright) MELBOURNE. May 2. The “rebel” group of shareholders in HuddartParker, Ltd., shipowner and investor, is once more seeking to gain control of the company. The group is again led by Mr J. R. Parker, a former director and leader of the unsuccessful attempt two years ago to remove directors. The “rebel” group proposes to call a meeting to seek replacement of existing directors, and has circulated shareholders asking for supart. Men to be nominated to replace directors are Mr J. |F. Hughes (Melbourne), Mr :R. Stronger (Sydney), and 'Mr J. R. Parker. j Mr Parker, in his circular, says that the three will form a working majority on the board, and will immediately take the necessary steps to “restore the company to an economic basis.” Directors they seek to replace are Messrs T. L. Webb (managing director), R. F. IM. Clark, and P. F. G. Gor don, who all joined the board in 1955. The two other members of the board are Mr G. Noall (chairman) and Mr T. J. Parker, father of Mr J. R. Parker. The latest move follows a continued deterioration in the company’s affairs. Dividend Cut Since the reconstruction two years ago, the dividend has been cut from *lO per cent, to 8 1-3 per cent. Interim dividend for the current year, declared in February, was reduced to a 6 2-3 per cent, annual rate. “The latest report clearly indicates that decisive action is now necessary to prevent ia further recession,” Mr Par|ker says. ' i “Directors admit that revI enue is still falling, and from imy knowledge of the cctnI pany and the industry, I suspect heavy trading losses are now occurring." For many years investment income has been sufficient to pay the bulk of the company’s dividend.