G. J. COLES LTD.

Evening Star, Issue 22440, 10 September 1936, Page 11

G. J. COLES LTD.

PROXIES FM IMPENDING MEETING EXPLANATUN BY MR G. J. COLES » ' Elucidation of the position of Mr George J. Coles in connection with his dispute with the directors of 6.- J. Coles Ltd.,' the Melbourne chain store company, is contained in a cable received by the chairman of the Dunedin Stock Exchange this morning. His message reads as follows;— ; “As 1 now find that a false impression has been created in the minds of some shareholders with regard to my request for proxies for the forthcoming meeting, I think I should clarify the position. My stand is purely on matters of principle. I hold that shareholders snail have a voice in the control of the company’s affairs.

“My policy is:— “1. .Two representatives of _ the outside shareholders to be appointed to the board in place of two executive directors/to resign. “2. Disclosure to shareholders of the remuneration of directors. “3. My reinstatement in the office of chairman of directors.

“I will use all proxies given to me in favour of the foregoing matters of policy being carried out. I will not use them for the selection of any particular individuals. My attitude is that in this matter shareholders should exercise their own choice. This can be arranged subsequently. The names of Sir Walter Leitch and Mr George Lormer have been mentioned only because of the circumstances referred to in my previous circular. When I decided to publish my statement I thought it only right that the other directors should have the opportunity of perusing it before it was released to the Press. Consequently I had it submitted to Mr F. P. Derham and Mr A. W. Coles. They immediately made overtures for a settlement, they agreed not to oppose my reinstatement as chairman, they agreed to procure the resignations of two executive directors, and, jn the course of discussion. Sir Walter Leitch and Mr George Lormer were mutually agreed upon as representatives of outside shareholders. This agreement was broken not by me. It is not my desire that the choice shall be limited to these two gentlemen, as 1 recognise that there are probably amongst shareholders several persons who are eminently fitted to occupy positions on the board. Consequently I will take steps at the meeting on September 23 to ensure that the wishes of shareholders in this matter are carried into effect. “ Certain rumours have been circulated regarding my health. Those who come in contact with me know perfectly well that rny health was_ never better. I would like to take this opportunity of assuring all other shareholders that there is nothing wrong with my health. An attempt is being made to divert the attention of shareholders from the real issues by various means. Amongst the suggestions made is one that Messrs J; B. Were and Son are attempting to secure an influence over the company. I assure shareholders that neither Messrs J. B. Were and Son nor any other financial group will ever obtain an influence over the company While 1 am chairman. I may say in

justice to Messrs J. B. Were and Son that no such attempt has ever been made by them. I must, however, express my appreciation of the disinterested advice and assistance rendered by this firm through me to the shareholders of G. J. Coles and Co. Limited. I wish to thank the hundreds of shareholders who have already sent their proxy forms to me, and I urge all who have not done so to complete and despatch their forms to mo immediately.” _________