NBH denies charge
PA Melbourne North Broken Hill Holdings, Ltd, has denied a charge by Industrial Equity, Ltd, of wasting time and money in its Section 261 search on lEL share acquisitions. In a letter drawn up by its solicitor, Mr Derek Holyman, to lEL’s chief executive, Mr Russell Goward, NBH directors said the company was attempting to establish the full facts of lEL’s acquisitions. A spokesman confirmed that NBH directors were dissatisfied with the response
from lEL. He said the directors had noted that an lEL wholly owned subsidiary, Portfolio Services, Ltd, did not itself hold a relevant interest in NBH. The directors requested information on Portfolio’s claimed acquisition of shares in NBH and how and when the stake was acquired. They said Portfolio’s reply to the Section 261 notice "does not answer the question.” The spokesman said NBH is now waiting on a "proper response” from lEL and Portfolio.
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Press, 31 January 1986, Page 11
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151NBH denies charge Press, 31 January 1986, Page 11
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