DOMINION BUILDERS

Press, Volume XCIX, Issue 29262, 21 July 1960, Page 17

DOMINION BUILDERS

85 p.c. Acceptance OfI.A.C. Bid

Holders of 85 per cent, of Dominion Builders’ Supplies (Christchurch) Limited shares have accepted an offer of 17s 6d for each 10s share made by the Industrial Acceptance Corporation last month.

Dominion Builders’ directors yesterday advised that holders of 61,765 of the company’s 72,692 shares had responded to the lA.C. offer.

Negotiations for the take-over have been completed and the directors have resigned.

Messrs G. W. Fairweather, H. S. Fanning, R. E. Savage, L. C. Hibbard and B. J. Moore have been appointed to hold office until the annual general meeting. Mr J. H. Johns has been appointed an advisory director to assist the board. , Messrs Caygill, Hibbard -and Soanes have been replaced as auditors by Messrs Watkins, Wheeler, Hull and Johnstone. The original offer from lA.C., made on June 7, was for 12s 6d a share, but this offer was raised four days later to 17a 6d.

Making the offer, LA.C. stated its intention was to put Dominion Builders’ operations on to a profitable working basis, then sell its shares after reorganisation.