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Bond - part A of documents shows strength of co-operative scheme: Moore



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. J O H N I M O O R E l l 14,07,88 15:20 P.01 Ha

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JOHN MOORE

Shadow Minister for Business & Consumer Affairs RELEASE. Brisbane (Q7 ) 371 0644 Canberra (062) 727 058

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BOND - PART A DOCUMENT SHOWS STRENGTH OF CO-OPERATIVE SCHEMES MOORE

The announcement by the W. A. Corporate Affairs Commission to register Bond Corporation's part A statement subject to certain guidelines, demonstrates the strength of the present Co-operative scheme of company law, according to John Moore Shadow Minister for Business - speaking today in B r i s b a n e .

COMMONW EALTH PARLIAMENTARY LIBRARY C. I. 5.

"The NCSC was able to extract from Bond Corporation an agreement the bid would be abandoned and importantly its 19.9% interest in Bell Group would be sold if problems became apparent in financing the $670m d e a l .

"The manner in which this matter has been handled by the

NCSC and the result achieved has created a far more

satisfactory environment for affected shareholders and the wider investor community.

"It is unlikely the same scenario would have occurred under the Bowen proposal for company law.

"The Bowen proposals abandon pre registration vetting of Part A statements - and the requirement that the Commission consent to profit forecasts and asset revaluations during takeovers will be removed.

"This situation contrasts markedly with the Co-operative system: which does not allow registration of takeover documents unless the NCSC is satisfied they comply with the code.

"While limited benefits m a y flow from deregulation of this type, the Bond / NCSC situation demonstrates the benefits of carefully monitoring takeover d o c u m e n t s .

"The Bond / Bell transaction highlights the importance of studying all the corporate reforms put forward by the Attorney G e n e r a l .

"The real effect of the changes need to be considered in a

commercial setting and not the sheltered corridors of the Attorney G e n e r a l 's department in C a n b e r r a .

14 JULY, 1988 BRISBANE 07 - 371 0644