MM FOR THE CHAIRM'S POLICY COMITTEE S E C R E -1
Tzasco 6% Pleference ShAM
As advised under the Asset Productivity Survey SAT holds a number of 6%
Preference shares in Imasco in addition to the investment in Common shares.
The preference share holding originates from many years ago and has no
commercial or strategic significance and could hence be liquidated.
Accordingly authority is sought to sell the entire holding of 275,080
Preference shares for estimated proceeds of 'around E"0,000 net.of dealing
costs, based on an indicated price from BZW on 2 June 1989 of C$3.10 per
share. dealing costs of 1% and an exchange rate of C$1.90 - El. On the basis
of a share price of C$3.10 the current dividend yield is 9.4%. Net sale
proceeds of C440.000 would yield a book profit of approximately E140,000 on
which no capital gains tax would be payable.
RECEIVED
SECREETARIALDEEPT.
7 JUN 1989
,call
D P Al lvey
5 June
CD
-4
-4
BAT Industries document for Province of British Columbia 12 April 1999