C
MW 205/4
N'KEIVED IN A "TRY
Mr GQ UK
HKD
WIAD
Mr Esser is
cunturt,
1988
VLI
subject to
*FICER
ery
t.
FROM:
CHRIS PATTEN
the contris
contrity.
DATE: 20 SEPTEMBER 1988
LCC Mr Ireton
Mr Porter
Rc Maluper
Mr Tim Eggar
20 SEP 1988
Frie
CROWN AGENTS : SALE OF STAMP INTERESTS
The Crown Agents wish to sell their interests in their two stamp companies CAPHCO Ltd and CAPC Inc to Westwood Rogers Marketing Pty
Ltd WRM. These companies provide philatelic services to many of the
dependencies.
20/4.
2.
Although WRM is an Australian company quoted on the Hobart Stock
Exchange, CAPHCO and CAPC Inc will continue to operate from their present
offices in Sutton using the same personnel. Crown Agents will retain a
25 per cent interest in CAPHCO for nine months after the date of disposal.
3.
The British Consulate in Melbourne, whom we asked to conduct a status
check on WRM, advised us that WRM is highly regarded by their (the
Consulate's) contacts in the stamp dealing sector. We have also consulted
DTI officials who have raised no objection to the proposed sale. The Crown
Agents themselves have been meticulous in weeding out unsuitable purchasers
in their search for an acceptable buyer.
4.
I have agreed that the sale should go ahead and I believe that WRM will
provide the necessary energy, expertise and working capital for these stamp
operations. The Crown Agents have been instructed to operate on a
slimmed-down, risk-averse basis. Disposal of their stamp interests, which
do not fit logically into their business as a procurement agency providing
related financial and technical services, is in keeping with this and will
allow management to concentrate more of its energies on the core business.
/5.
No comments yet.
Private notes are available after approval.