Day 003 - 30 Jun 94 - Page 49


     
     1        A.  Sir, I have nothing to apologise for.  The leaflet in
              question that has been published and to which this
     2        litigation has come forth contains falsehoods; they are
              not true; I am here to defend our good name.  It is as
     3        simple as that.  There is nothing to apologise for.
 
     4   Q.   Thank you very much, Mr. Preston.  My Lord, I have no more
              questions.
     5
         MR. JUSTICE BELL:  Could I ask something about being a publicly
     6        owned company?
              A.  Yes.
     7
         Q.   What is the position of the first plaintiff, the United
     8        States Corporation?
              A.  The parent corporation is publicly traded; shares in
     9        the corporation are actively traded on the New York Stock
              Exchange.
    10
         Q.   Your Stock Exchange?
    11        A.  The shares in the British company are all owned by the
              parent in the US; shares in this company, Sir, are not
    12        traded on the British Stock Exchange.
 
    13   Q.   So you cannot buy shares in the company of which you are
              chief executive?
    14        A.  That is correct.
 
    15   Q.   In this country?  That is wholly owned by the first
              plaintiff?
    16        A.  Yes.
 
    17   Q.   But the public can buy and sell shares and they are listed
              and the share price goes up and down on the New York Stock
    18        Exchange?
              A.  Yes.  And several other exchanges around the world.
    19        We are in fact a member of the Dow Jones Industrial
              Average; the 30 shares that make up that average.
    20
         MR. JUSTICE BELL:  We will resume at 10.30 in the morning.
    21
              You have someone to help you if you need to refer to
    22        documents?  I have seen Mr. Smith brought bundles across
              for you.
    23
         MISS STEEL:  Yes.
    24
         MR. JUSTICE BELL:  You start your cross-examination of
    25        Mr. Preston then.  If we get to 12 noon and you have more
              questions to ask, we will break off for Mr. Beavers so his 
    26        evidence can be finished and you can come back to 
              Mr. Preston after that. 
    27
                   (The court adjourned until the following day)
    28
 
    29
 
    30
 

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