Bid talk envelops Brierley
Tuesday 25 August 1998
Malaysia-based Camerlin Group yesterday sought a meeting of other Brierley shareholders to consider the removal from the board of its executive chairman, Sir Roger Douglas. Financial sector sources soon began talking of a likely bid.
Sir Roger demanded that Camerlin reveal its intentions and chided the timing its attack within a few days of a vital board meeting. Camerlin could not be reached for comment.
Sir Roger accepted that the Thistle deal's failure was disappointing, but said it had been a victim of market conditions and the circumstances of the bidder, widely reported to be the Japanese finance house Nomura. "The simple fact is that there was not an offer that the directors of Thistle and BIL could accept," he said.
One source said Camerlin's impatience with BIL was heightened by a book valuation of its stake which was equivalent to NZ$1.44 per share.
In July, helped by speculation that its 46 per cent stake in Thistle could raise around NZ$2.1bn (pounds 640m), Brierley shares neared NZ$1.00. However, once the Thistle deal collapsed, BIL slumped to a low of NZ$0.70.
Analysts said the acid test of any move to provoke change in Brierley would be how other major owners reacted.
Brierley's board is to meet on 31 August. Camerlin has two of its eight members, but others include one from the Singapore government, which holds about 10 per cent, and also company founder and longtime boardroom critic Sir Ron Brierley.
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
This 'woman calls police to order pizza' story isn't going where you're expecting
McKamey Manor: This 'extreme' haunted house is the stuff of nightmares
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...