U.K. Meeting Approves Stock Firms Merger

Press, Volume C, Issue 29680, 25 November 1961, Page 17

U.K. Meeting Approves Stock Firms Merger

(N.Z. Press Association—Copyright)

LONDON, November 23. More than 97 per cent, of ordinary share holders of the New Zealand Loan and Mercantile Agency had accepted Dalgety’s merger terms, Dalgety’s chairman (LieutenantColonel C. P. Dawnay) announced yesterday. He told an extraordinary general meeting that 95 per cent, of preference shareholders had also accepted “The Times” reported. The meeting approved a change of the name for the merged companies to Dalgety and New Zealand Loan Company, the “Financial Times” said. “The Times” said a joint statement by Colonel Dawnay and the chairman of the New Zealand Loan (Mr M. G. Brown) had been issued. The newspaper said the capital of Dalgetys would be increased to £ 14.3 million by the creation of 1.8 million new 5J per cent cumulative shares of £1 each. This was with the view to the acquisition of not less than 90 per cent, of the New Zealand Loan issued share capital. The joint statement had pointed out that the companies were in direct competition in 118 towns and joint operating costs last year were £l5 million. A small percentage of the saving at that figure would be considerable, the newspaper said.

The “Financial Times” said at a meeting yesterday New Zealand Loan and Mercantile debenture holders passed resolutions approving a scheme for the cancellation of debenture stocks in exchange for the allotment of new debenture Dalgety stocks.