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John Sharp - wrong again

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News Release Hon. Laurie Brereton MP Minister for Transport ♦ Minister for Industrial Relations T7/95 10 February, 1995


John Sharp’s claim that the Federal Government exercised poor judgment over the sale of 25 % of Australian Stevedores to Jamison Equity is completely wrong.

In his press release of 9 February, Mr Sharp asserts that Jamison Equity gained a substantial profit by selling part of its shareholding in Australian Stevedores to Lang Corporation. What in fact happened was that Australian Stevedores issued equity to

Lang Corporation, thus reducing Jamison Equity’s shareholding.

What Mr Sharp does not reveal is that Lang Corporation has a 25 % shareholding in Jamison Equity, the 100% owner of Australian Stevedores.

When the value of the equity injection is taken into account, the 32 % stake obtained by the Lang Corporation reflects a value for Australian Stevedores consistent with the sale price received by ANL for its 25% share in September, 1994.

“This transaction confirms the Commonwealth’s valuation of AML’s shareholding in Australian Stevedores,” Mr Brereton said.

“It is hoped that in future, Mr Sharp sticks to politics because his track record as an analyst of commercial transactions is dismal.”

Media contact: Kate Hannon (06) 277 7320