P.M. BRIEFING : Stockholders Give Bond Respite
Alan Bond’s flagship Bond Corp. won another stay of execution today when shareholders approved the $1.42-billion sale of its Australian breweries.
“We have to date managed to defy all the odds and the predictions of the pundits and not only survive but continue to meet our obligations,” Bond told a shareholders meeting in Perth.
The sale of Bond Brewing--one of Australia’s big two beer groups--to Bond Corp.’s 58%-owned Bell Resources, first put forward more than a year ago, is crucial to Bond’s attempts to salvage what remains of his crumbling empire.
But several obstacles remain. Bond Corp. needs more time from its major lenders to finalize the deal, and approval from minority shareholders in Bell Resources who are due to meet Aug. 15.
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