G. J. COLES DISPUTE

Evening Star, Issue 22441, 11 September 1936, Page 11

G. J. COLES DISPUTE

EARLY SETTLEMENT LIKELY [Pra United Press- Association.] WELLINGTON, September 11. The Stock Exchange Association, of New Zealand has received cabled adrice that at a meeting of the directors of G. J. Coles, a petition was presented on behalf of' hundreds of shareholders representing .approximately one-third of the total shareholding, asking that the present difficulties • be settled immedirequest from the managers and all members of the staff throughout Australia, expressing a desire for an immediate settlement of the dispute, was also received;- and letters were received from many broking houses urging an immediate settlement of the dispute. The basis of settlement requested in all cases was as follows:—That Mr G. J. Coles be ro-blected chairman of the company; that Mr A. W. Coles be reappointed managing - director; that two additional directors be appointed to the board to represent the' outside shareholders j and that in future the figures-relating to the directors’ remuneration be open to shareholders. ' As this appears to be the wish of the majority of shareholders, the directors are endeavouring to settle the dispute on these lines. Messrs A. W. Coles and F. P. Derham fully support the wish of the shareholders in this matter.