Company News BIDS FOR RADIO CORPORATION
A.W.A. Offer More
Than Pye
(New Zealand Press Association) WELLINGTON, August 21. The directors of Radio Corporation of New Zealand, Ltd., in a circular letter to shareholders, recommend them to accept a revised offer made by Amalgamated Wireless (Australasia), Ltd., for all the shares of the company, in preference to an offer made by Pye, Ltd., England. The A.W.A. offer is five A.W.A. 5s (Australian currency) shares for four Radio Corporation 20s (New Zealand currency) shares. [Based on thfe latest New Zealand price of 22s 3d for A.W.A. shares, the A.W.A. offer amounts to 27s lOd a Radio Corporation share.] Pye Offer 25s The Pye offer is 25s cash for every 20s Radio Corporation share. Consolidated accounts of Radio Corporation, for the year to December 31, 1958, show a net profit of £4419. against a loss of £16,368 the previous year. Debit balance carried forward is reduced from £42,965 to £38,546. Trading profit for the year was £153,965 (£171,070) and working and management expenses were £157,783 (£198,351). The balance sheet shows paid capital at £93,960 and shareholders’ funds at £130,598
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Bibliographic details
Press, Volume XCVIII, Issue 28980, 22 August 1959, Page 16
Word Count
186Company News BIDS FOR RADIO CORPORATION Press, Volume XCVIII, Issue 28980, 22 August 1959, Page 16
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