Aide Memoire
Annex B
Approval is sought for the purchase of 61.2% of the shares of Rediffusion Television Ltd. (RTV) from Rediffusion (Hong Kong) Ltd. by a consortium of three Australian companies as equal partners. They are:-
David Syme & Co. Limited
Henry Jones (IXL) Limited CRA Limited
The shares will be held directly by a Hong Kong company whose Board will consist exclusively of Hong Kong resident British subjects. The commitment of the consortium is to use its full expertise and resources to reverse continuing trading losses experienced over the last 8 years by RTV.
The Consortium has the full backing of Rediffusion and the RTV Board. Rediffusion will continue to own 20% and the other Hong shareholders will continue to own approximately 19% of the company. The consortium brings with it expertise in television and experience in all aspects of communications as well as a strong commitment towards development of their interests in East and Southeast Asia.
Taken individually, the companies are as follows:
David Syme & Co. Ltd. (David Syme)
It
The David Syme Group, whose balance sheet is attached, is the publisher of perhaps Australia's leading newspaper, the Melbourne "Age" which was founded 126 years ago. has diverse interests, including a 15% holding in a radio station, and is the owner of a major video tape sound recording and film studios and audio visual company, AAV Australia Ltd. For a number of years it has been associated with the media throughout Southeast Asia.
David Syme has a Hong Kong subsidiary, Syme Media Enterprises, which was established some 3 years ago. This owns various magazines, including Media, Computer Asia and is also representative of, and consultant for, the new English Language China Newspaper, the China Daily, to be published in Peking on May 1.
One of the senior David Syme executives, Mr. Leon Hill, will become Executive Director of both the Hong Kong shareholding company and RTV, if the purchase is approved. He will of course move to Hong Kong, work with the current Managing Director, Hr. Steve Huang, and be responsible to the Board of Directors.
Mr. Will has had experience in Australia in many aspects of the media and, perhaps most relevantly, he was Chief
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Private notes are available after approval.