COMPANY AFFAIRS.

Auckland Star, Volume LXI, Issue 196, 20 August 1930, Page 4

COMPANY AFFAIRS.

AUSTRALIAN PROVINCIAL.

CIRCULAR TO SHAREHOLDERS,

In a circular to shareholders, the directors of the Australian Provincial Assurance Association, Ltd., state that it has come, to their knowledge that a circular, authorised by a certain company or unknown individuals, has been prepared without their knowledge or authority, asking shareholders for an option over their shares at 12/. This circular, the board understands, has been approved by the Stock Exchange of Australia and New Zealand, on behalf of the brokers proposing to issue it. The directors proceed to state that they "are quite open at any time to receive an offer of amalgamation with any of the leading insurance companies, provided the acceptance of such offer would be to the true interests of this association, but th?y deprecate any action which, while possibly benefiting a few shareholders for the moment, would have a disastrous (effect on the policyholders, and on the shareholders, too, in the Jong run." They add that attempts at mass purchase of shares should be looked on with suspicion, and for shareholders' guidance they reiterate the opinion which they have previously expressed that the prospective value of the shares is about 20/. Mr. G. C. Creagh, chairman of the Auckland Stock Exchange, informed a "Star" representative that the circular referred to had not come before that body.