 The first chairman of the newly formed company was Arthur Shakespeare, founder of "The Canberra Times".Alongside four other applicants, CTL submitted their licence application to the Australian Broadcasting Control Board (ABCB) in April 1959.The company went public in September of the same year, on the Australian Securities Exchange in Sydney, offering 100,000 shares which were immediately oversubscribed, ending up with a total subscribed capital of A£300,000 (A$600,000).