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Legislative Assembly for the ACT: 1996 Week 4 Hansard (18 April) . . Page.. 1140..


CHIEF MINISTER FOR THE AUSTRALIAN CAPITAL TERRITORY

LEGISLATIVE ASSEMBLY QUESTION

Question No. 185

Act of Grace Payments - CRA Group Restructure

MS FOLLETT - Asked the Chief Minister upon notice on 26 March 1996:

In relation to Question on Notice No. 123 (Act of Grace payments) -

(1) What was the corporate restructure undertaken by the CRA Group.

(2) What companies within the group remain incorporated in the ACT.

(3) What is the projected benefit to the ACT from future trading in these shares.

(4) If no cost benefit analysis was done, why not.

MRS CARNELL - The answer to the Member's question is as follows:

(1) The corporate restructure undertaken by CRA involved changes to the company structures within the group to provide a three tier structure and to realign the Group's legal and business activities. Changes to the structure from an ACT perspective involved the transfer of shares in 3 ACT incorporated companies within the group:

- the transfer of shares in Conzinc Mining Limited from Coal Cliff Collieries Pty Ltd to CRA Limited;

- the transfer of shares in Hamersley Holdings Limited from North Western Resources Pty Ltd to CRA Limited, and

- the transfer of shares in Coal and Allied Industries Limited from CRA Investments Pty Ltd to Kembla Coal and Coke Pty Ltd.

The result of the transactions was to remove a layer of companies between CRA Limited and those directly involved in mining and the other related activities undertaken by the group.

(2) All the companies incorporated in the ACT prior to the restructure - Conzinc Mining Limited, North Western Resources Pty Ltd and Hamersley Holdings Limited - remain incorporated in the ACT.

(3) The projected benefit from future trading in these shares is not known. However, because all the shares in those companies are held by CRA Ltd or its subsidiaries as part of the new structure, it is unlikely that the shares will be traded on a regular basis.


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