Gadsdens And A. Harvey Agree On Merger Plans

Press, Volume C, Issue 29436, 11 February 1961, Page 4

Gadsdens And A. Harvey Agree On Merger Plans

Directors of Alex. Harvey and Sons, Ltd., and J. Gadsden (N.Z.), Ltd., both specialists in packaging, have agreed on proposals for a merger of interests of the two companies.

The announcement was made in Christchurch yesterday by Mr T W Perry, a director of J. Gadsden.

The proposals, if given all requisite approvals by shareholders in both companies, will result in:

(a) The ordinary shareholders in J. Gadsden (New Zealand), Ltd., receiving 11 ordinary shares of 10s each in exchange for five ordinary shares of £1 each in J. Gadsden (New Zealand), Ltd (in each case fully paid).

(b) The preference shareholders in J. Gadsden (New Zealand), Ltd., receiving one 514 per cent, participating to 6 per cent cumulative preference share of £1 in Alex Harvey Sons, Ltd., for every one 5*4 per cent, cumulative preference share of £1 each in J. Gadsden (New Zealand), Ltd.

(c) The dividend rate on existing preference share? in Alex Harvey and Sons. Ltd, being adjusted to per cent, participating to 6 per cent. (d) The capital of Alex Harvey and Sons, Ltd., being increased as necessary to give effect to the arrangements if brought to fruition. Don't Sell Warning Shareholders in both companies are advised not to deal in their shares (preference or ordinary) until they receive further information from the respective company in which they hold shares. Director? of both companies are convinced that the proposals for the merger of interests (if implemented) will be in the interests of the consuming public and of the shareholders in both com-? panies. e