Montana chairman calls for reform

By DITA DE BONI

Montana chairman Peter Masfen has called for an urgent change to takeover regulations.

Mr Masfen yesterday had strong words for the Stock Exchange surveillance panel.

"I am totally opposed to the form of the existing takeover regulations and look forward to the new Takeovers Code that the Government has announced its intention of introducing.

"I consider the workings of the market surveillance panel totally impractical and inappropriate for the market and I trust the Government's intention of setting up an independent Takeovers Panel will provide the appropriate framework for the market.

"The Government should bring forward the new regulations as a matter of urgency."

However he would not sue the Stock Exchange, saying that to do so "would only further impinge on the reputation of the local capital markets."

Mr Masfen confirmed that he intends to stay on as Montana's chairman, and said he had started talks with Lion Nathan.

His immediate focus was on "the issues of stability of management and direction," and the interests of Montana's 8000 non-Lion shareholders.