Fiji Times ' group
pp. 24-132 · Read in the full issue
Wilke buys into 'PIM ' and 'The Fiji Times ' group
THE board of Pacific Publication Pty. Ltd. made the followint statement in Sydney on June 22: By purchasing, for cash, 40 pei: cent of the ordinary shares of Paciff Publications Pty. Ltd., of Sydne: Wilke & Company Ltd. of Me"; bourne, have acquired substantia ownership in the following ole established newspapers, periodical and reference books.
The Fiji Times, the century-oli daily newspaper published in Suva Pacific Islands Monthly, published ii Sydney and circulating chiefly in thi Pacific Islands, as well as in Aus tralia, New Zealand, and Unite* States. Shanti Dut and Nai Lalakai respectively Indian language anc Fijian language weekly newspapers published in Suva.
Ni Bula Mai, a journal publishec regularly for visitors to Fiji.
Power Farming, a monthly tech nical journal circulating in Australij and New Zealand.
Australasian Baker, Australasiai Confectioner, Australasian Footwear Australasian Soft Drink Journal— well-known old-established technica monthly publications, servicing tht Australian and New Zealanc industries indicated.
Fiji Sport, published monthly ii Suva.
Power Farming Technical Annual Pacific Islands Year Book, Hand bool of Papua-New Guinea, Handbook o\ Fiji, and other reference books.
Pacific Publications Pty. Ltd. wa; registered nearly 40 years ago, tc own and publish Pacific Islandi Monthly, which was established b> Mr. R. W. Robson, in 1930. Aftei World War 11, in 1949, that company purchased Sydney & Melbourne Publishing Co. Pty. Ltd., whict owned several trade publications, and its printing factory at 29 Alberta Street, Sydney.
In 1956, Mr. Robson formed Pacific Publications (Fiji) Ltd., registered in Suva, to wholly own and manage Fiji Times & Herald Ltd., a company which he had purchased from the late Sir Alport Barker.
In a subsequent reorganisation.
Pacific Publication Pty. Ltd. became a holding company, owning all the shares of Pacific Publications (Aus tralia) Pty. Ltd., Sydney & Mel bourne Publishing Co. Pty. Ltd., and
(Continued on p. 127)
Pacific Publications (Fiji) Ltd. Forty per cent, of the shares of the holding company, giving a minor ownership of whole group, have now been bought by Wilke & Co Ltd.
Wilke & Co. Ltd., which is one of Australia’s most powerful and profit able printing corporations, with a high rating on the Australian stock exchanges, now is entering the periodical publishing industry, in a novel way. It is developing a creative marketing policy which involves the planning, testing and marketing of
publications and other printed material.
Its new magazine-management department recently launched two specialised Australian periodicals, School Family and Dinstinction; and further similar enterprises shortly will extend into the areas serviced by Pacific Publications.
Wilke now operate mainly from a very large, modernly equipped prin ing and publishing establishment in Clayton, Melbourne, and from a similarly new factory in Brisbane.
The Wilke Board has just completed a reorganisation of its company structure under which half of its
subscribed capital is being returned to shareholders.
Wilke & Co. Limited, operating through their new association with Fiji Times & Herald Ltd., propose to introduce to Fiji a new industry connected with book production.
This is a long-term plan and steps already are being taken to tech nically train the necessary local labour. To a degree, this develop ment will be contingent on some as sistance being given by the Fiji Government in relation to tech nical training and Customs tariff.
The capital structure of FT&H Ltd. has been rearranged, with a view to making this company’s shares available to Fiji investors. A new issue of 100,000 $1 shares at a premium has been authorised, for sale in Fiji only.
Until now, the ordinary share holders of Pacific Publications Pty.
Ltd.—who thereby have been the owners of the whole group—have been the Robson Family Trust, Mr.
S. C. Hughes, Mrs. Judy Tudor, Mr.
Stuart Inder and Mrs. T. C. Read, and the ownership change outlined above has been effected by those shareholders selling 40 per cent, of their holdings to Messrs. Wilke.
Wilke & Co. Ltd. have also bought outright a small number of pre ference shares, issued many years ago, and an option under which they may acquire the remainder of the issued ordinary shares (60 per cent.) within a certain number of years. Certain Wilke directors will join the board. In the meantime, there will be no change in executive or in present management control policies. Mr. Robson will remain as managing director.
Wilke & Co. Ltd. was established in Melbourne originally as a printing firm, in 1896. It was registered as a private company in 1921 and, fol lowing growth and development, it became a public company in 1948.
Its growth continued, with con sequent rearrangement of its capital structure to take care of expansion and the purchase or organisation of subsidiaries.
Its 50 cent shares were quoted at between $1.35 and $1.45 up to mid- June; then a board decision to return half the subscribed capital to share holders was given effect to; and on June 18, following the rearrange ment of capital, the first offers for the new stock were over $2.60.
The paid-up capital of Wilke after the reduction, is now $1,486,041; its total assets, as officially stated, are $9,334,069; and its employees are over 800.