Mr. R.M. Denny said that Rediffusion were willing to accept the offer. The next step would be to approach Government if the Board were prepared to support the proposals.
The Chairman asked for comments from the Directors.
Mr. Lamson Kwok remarked that the developments came too suddenly for him to comment. He enquired whether there would be any point in the existing Directors remaining on the Board except for the supply of local knowledge as they had not been able to give any further financial support to the company. Mr. R.M. Denny stressed that there had not been any arrangement for the present shareholders to provide further financial support.
The Chairman said that it was his personal view that
it would be reasonable for the Directors to stay on initially at least for a transitional period to see if they wanted. to remain on the Board. Mr. Lamson Kwok added that he felt that this proposal was good but he only wanted to clarify that it was not a condition of the offer that the Directors must remain on the Board en-block. Mr. R.M. Denny confirmed that there was no such condition attached to the offer but the Consortium had the hope that the present Directors would stay on the Board.
Mr. K.S. Lo commented that as two of the Consortium partners were highly experienced in television, it might be their wish to put in their management team. Mr. R.M. Denny said that they had indicated that they would work with the present management but they would nominate an Executive Director to work with the team. Mr. Thompson stressed that the Consortium were quite specific on this.
The Chairman said that it was his understanding that the intention of the Consortium was to form a Hongkong company to hold their shareholding of RTV. Two of the partners already had interests in Hongkong and the company to be formed would have Hongkong residents on the Board.
In reply to Mr. K.S. Lo, Mr. R.M. Denny said that it was the opinion of the Consortium that the company could not afford new studios in Shatin and that such a project was not necessary for the operation of the station. they would keep an open mind and treat this as a separate However, matter to be judged after an exchange of ideas with the Board and Management.
No comments yet.
Private notes are available after approval.