ALLIANCE REPLY TO BING HARRIS

Press, Volume XCIX, Issue 29272, 2 August 1960, Page 19

ALLIANCE REPLY TO BING HARRIS

“Surprise” At New Move (New Zealand Presi Association) WELLINGTON, August 1. Mr L. H. Whyte, chairman of Alliance Textiles. I td, today expressed surprise at the announced intention of Bing, Harris and Company, Ltd., to complete the purchase of shares of Macky, Logan, Caldwell, Ltd., on the basis of the announced Bing, Harris offers. “I am surprised tnat this action should have been taken in view of the arrangement made between Alliance Textiles and Bing. Harris to the effeci that if either company received acceptances from 55 per cent, of the shareholders the other company would withdraw. If Bing, Harris have been correctly reported; it would appear that they have departed from the arrangement made,” said Mr Whyte. Mr Whyte said Alliance Textiles wished to make it clear that they proposed to continue with the purchase and if successful to take over Macky, Logan, Caldwell shares on the basis of five fully paid 5s units in Alliance Textiles for each Macky, Logan share. Reply to Circular Mr Whyte said shareholders would have already received from a Lower Hutt accountant a circular suggesting that shareholders should not complete either offer pending receipt of 1 a further report. ' Mr Whyte claimed that this circular Implied that the meeting of Macky, Logan shareholders in Auckland on July 26 at which the Alliance offer was accepted ty a very substantial majority might not have had knowledge of the second Bing, Harris offer. Mr Whyte said Alliance Tex-

tiles had ascertained that the second Bing, Harris offer was announced five days before this meeting and at the meeting the terms of the second Bing, Harris offer were placed before shareholders. “The resolutions were both passed after full representations on behalf of Bing, Harris had been made. There is therefore not the slightest substance in any suggestions that Bing, Harris’s second offer was not placed before the meeting," said Mr Whyte. Mr Whyte said directors of Alliance having to make this statement but they felt that unless they did so shareholders of Macky, Logan might be misled. Alliance Offer He said the Alliance offer, which had been recommended by the directors of Macky, Logan and by their meetings of shareholders, was being proceeded with. He was confident from the support it was receiving that it would obtain the necessary 55 per cent, acceptance.