NEWSPAPER MERGER.

Auckland Star, Volume LXVI, Issue 148, 25 June 1935, Page 9

NEWSPAPER MERGER.

CHRISTCHURCH AGREEMENT

RATIFYING RESOLUTIONS,

(By Telegraph.—rress Association.)

CHRISTCHURCH, Monday

Resolutions ratifying the agreement made by the directors for the disposal of the business and good will of "Sun" Newspapers, Limited, to New Zealand Newspapers, Limited, as well as a further agreement with the Christchurch "Press" Company, Limited, were carried at a special meeting of shareholders of "Sun" Newspapers, Limited, this afternoon. Mr. F. H. D. nale was appointed liquidator. Mr. C. S. Thomas, acting--chairman of directors, presided.

One resolution directs the liquidator to distribute among members of the company shares to be received under the agreements, fractions of shares to be dealt with as he thinks fit by aggregation and sale or otherwise. There is provision that any shareholder may, by notice in writing, to the liquidator within 21 days, require the liquidator to sell the shares due under the distribution.

A second resolution refers to the sum of £5000 to be paid by New Zealand Newspapers, Limited, in the hope that it may assist in the generous treatment of the company's employees. This sum the liquidator is authorised to pay to the trustees appointed, who will _ pay from it amounts required to be paid in lieu of legal notice and apply the balance to compensate employees who suffer financial loss through the sale of the company's business.

Messrs. - E. C. Huie and J. H. Dola more were appointed an advisory com mittee to work with the liquidator.