MERGER OF CHAIN STORES

Press, Volume LXXXVI, Issue 26078, 3 April 1950, Page 8

MERGER OF CHAIN STORES

SELFRIDGES, LTD., AND G. J. COLES (N.Z. Press Association—Copyright) SYDNEY, April 1. Two large chain stores, G. J. Coles and Company, Ltd., and Selfridges (Australasia), Ltd., have announced plans to merge. An offer has been made by Coles to the shareholders of Selfridges* for the acquisition of their shares —five Coles shares of 5s each for each £1 share in SCI- - Selfridges’ shareholders will receive the shares in Coles after Coles makes a bonus issue. The chairman of Self ridges (Mr J. W. Austin), in a letter to shareholders, says that on the basis of the Stock Exchange value of Coles shares,, he expects that the effective price of Selfridges’ shares will be more than £5. On March 6, the directors of Selfridges advised shareholders -not to sell their shares. Since then the price of Selfridges’ shares has risen from 46s 3d to 755. The managing-director of Coles (Mr E. B. Coles) said that G. J. Coles would be the largest chain store organisation in Australia and New Zealand after the merger.. The company would be operating 140 stores in the chain, including two in Nev/ Zealand.

RECORD CUSTOMS REVENUE AT TIMARU From Our Own Reporter TIMARU, April 1. Record customs revenue for the port of Timaru totalling £513,128, has been collected for the 12 months period ending March 31, 1950. This exceeds last .year*i figures by £68,299. The revenue now collected is nearly double that of 1944.