£59,000 DEAL

Auckland Star, Volume LXXIV, Issue 33, 9 February 1943, Page 5

£59,000 DEAL

milk firm bought dairy company purchasers Negotiations have been completed for the purchase of Amburys, Ltd., the well-known and old-established milk firm, by the New Zealand Cooperative Dairy Company, Ltd. The purchase price is £59,000. An extraordinary general meeting of shareholders of Amburys was held recently to consider an announcement in a circular issued by Mr. F. G. Baskett, chairman of directors, that the dairy company had offered to take over all the shares of Amburys at a fixed price. It was stated in the circular that the offer had been made after protracted negotiations, and the price fixed for the shares, both preference and ordinary, was 18/ per share, cash payable upon presentation to the parchasers' solicitors of accredited scrip for at least 75 per cent of the shares. In view of the fact that the highest recorded price for share transfers in the last two years had been 5/ a share for preference shares and 2/4 a share for ordinary shares, the offer was looked on by the directors as a highly gratifying one. The offer was subject to confirmation by the shareholders of the issue of certain shares to -the directors. Respecting the last-mentioned condition, a letter was issued on December 30 to shareholders stating that part of the business of the meeting was a proposal to allot to the directors 4076 ordinary unallotted shares on payment of the full normal value of such shares of 5/ each,, such payment to be used for the repayment of a mortgage of £1771 5/2 owing by | the company to the estate of the late 1 Mr. Joseph Ambury. All the proposals were approved, and the company's business has now been taken over by the dairy company. Only about 5 per cent of share- : holders elected to leave their holdings in the firm. No changes in the existing man--1 agement and staff of Amburys are i contemplated, and the firm will carry lon as in the past. One effect of the purchase will be to divert over 2000 gallons of milk per day, which the New Zealand Co-operative Dairy Company has been supplying to various Auckland roundsmen, to Amburys.