Briefs

Press, 31 January 1986, Page 10

Briefs

Petro T talks Petro Taranaki, NL, directors are continuing discussions with groups wanting to gain control of the company but no agreement has been reached yet, the chairman, Mr Geoff Albers, said. The company is in a highly liquid position with more than SI.7M in cash held on shortterm deposit and further assets in negotiable listed securities. Petro Taranaki had no outstanding oil exploration obligations and did not intend to commit itself to new exploration.

Rate cut

The Bank of Japan has ordered a half percentage point cut in its discount rate to stimulate the economy at a time when exporters are feeling the pinch from the rising value of the yen. The bank governor, Mr Satoshi Sumita, said the new rate will be 4.5 per cent, the lowest level in nearly seven years. The present rate is 5 per cent. Unconditional Owens Investments, Ltd, has declared its offer for all the shares in Mogal Corporation, Ltd, to be unconditional. Owens told the Stock Exchange it now had acceptances for more than 90 per cent of the Mogal shares it did not already own. Owens share certificates and/or cash would be posted within a month. For the remaining shareholders, the offer would be extended until February 28.

Consent Wairarapa Times-Age Holdings, Ltd, the company formed to buy up the Wairarapa Times-Age group of companies, has received the Examiner of Commercial Practices’ consent to go ahead.