NATIONAL MUTUAL OFFER

Press, Volume XCVIII, Issue 28930, 25 June 1959, Page 17

NATIONAL MUTUAL OFFER

Bid For Wellington Trust Loan

(New Zealand Press Association) WELLINGTON. June 24. The shareholders of the Wellington Trust, Loan and Investment Company, Ltd, will receive an offer from the National Mutual Life Association of Australasia. Ltd, of £l5 10s for each share paid to £lO and of £7 15s for each share paid to £5. The most recent sale of the company’s shares on the stock exchange was £5 2s 6d for the shares paid to £5. That was in April. There has been no sale of the shares paid to £lO since 1954. The offer is the result of negotiations between the two companies.

The directors of the Wellington Trust, Loan and Investment Company say in a circular to shareholders that 'they consider the offer reasonable and have agreed to accept it for their own shares. They strongly recommend its acceptance by all shareholders. The company’s memorandum and articles of association stipulate that no one shareholder can hold more than one-twentieth of the nominal capital of the company. The association’s offer is subject to this stipulation being removed.

On the association deciding to proceed after acceptances of the offer have been returned, a general meeting, as directed by the Supreme Court, will be called to alter the memorandum and articles. The issued capital of the company is £300.000. The paid-up capital is 24.500 shares at £5 each and 250 at £lO each. Tfle company’s books closed tonight for the interim dividend.