High price deters BIL

Press, 11 February 1986, Page 26

High price deters BIL

PA Auckland The high share price has put off Brierley Investments, Ltd, from acquiring further holdings in N.Z. News, Ltd. Given the High Court clearance to take its shareholding above 50 per cent, the Brierley chief executive, Mr Paul Collins, said yesterday: “We are not buyers." The newspaper sector in general has been active lately with prices rising to record levels. The proposed take-over of Otago Press and Produce, Ltd, owners of the “Otago Daily Times,” had pushed the OPP price to 634, while an unknown investor has been taking a bite at the Wellington-based Independent Newspapers, Ltd.

INL’s price increased 40c last week to finish at 450. The price of Wilson and Horton, Ltd, the other major newspaper group, moved 25c to 790. BIL continued to buy Breweries, Ltd, shares until 5 p.m. yesterday, having already achieved its

goal of owning more than 50 per cent of the brewer. BIL said in a statement to the Stock Exchange yesterday afternoon that it had increased its shareholding in DB to 50.2 per cent of the issued capital. BIL had bought a further 1,086,939 shares on market, representing 1.5 per cent of DB’s issued capital. The shares were bought at BlL’s 350 c a share offer price, making a total consideration of $3,804,286.

BIL also announced share purchases in two other companies. It increased its shareholding in a Christchurch retailer and wholesaler, Dingwall and Paulger, Ltd, to 16.7 per cent, after buying privately and on market a further 64,457 ordinary shares, representing 3.3 per cent of Dingwall and Paulger’s issued capital.

BIL also increased its shareholding in a Hastings motor vehicle dealer, Baillie Farmers Motors, Ltd, to 67.2 per cent,