WORMALD BIDS FOR VIGILANT
Acceptance Is Recommended The Vigilant Automatic Fire Alarm Company, Ltd. Christchurch, las received a take-over offer from Wormaid Brothers Industries (New Zealand), Ltd. The offer is one £1 Wormaid c.dinary share for every £1 ordinary share in Vigilant. Directors of Vigilant recommended acceptance of the offer. ‘The practical effect of Wormaid Brothers’ offer is to admit the Vigilant company into the group of Wormaid Brothers’ companies and so obtain the benefit of their financial strength,” says the chairman of Vigilant (Mr E. R. Caygill) in a letter, to shareholders. Capital of the Vigilant company is about £23.000. while Wormaid's is £225.000 The Vigilant company has declared an interim dividend of 10 per cent, plus a 2Mi per cent, bonus. There will not be a final dividend. The offer is subject to several conditions, of which the main facts are; Wormaid may make a new share issue before December 31, 1961, and Vigilant shareholders accepting the offer will not participate in any such issue. Conditions Vigilant shareholders accepting the offer may not sell their Wormaid shares before December 31, except to persons whom Wormaid directors consider acceptable. The Vigilant company is required to make a consolidated profit of not less than £ 10,500 before tax in the year to March 31, 1961. Acceptance of the offer shall not be less than 90 per cent. Wormaid Brothers Industries (New Zealand), Ltd., also intends to offer to the public for subscription within 12 months a small parcel of ordinary shares at a premium yet to be decided. It has not announced the number of shares. It intends to invite applications from the preference shareholders and. though no rights will be offered, a portion of the parcel will be reserved for allocation to the preference shareholders. A Sydney message states that Wormaid Brothers Industries, Ltd., has acquired G.A.A.M. Engineering Company of Melbourne, manufacturers of pumps for firefighting and other purposes
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Bibliographic details
Press, Volume C, Issue 29536, 10 June 1961, Page 17
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319WORMALD BIDS FOR VIGILANT Press, Volume C, Issue 29536, 10 June 1961, Page 17
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