80 P.C. OF BRUCE HOLDERS ACCEPT

Press, Volume CI, Issue 29898, 11 August 1962, Page 16

80 P.C. OF BRUCE HOLDERS ACCEPT

(Neu: Zealand Press Association

DUNEDIN. Au«. 10. Shareholders holding M per cent, in value of the total capital of the Bruce Woollen Manufacturing Company, Ltd., have supported the merger proposals with Alliance Tex-

tiles, Ltd. This was announced today ty the chairman of directors of Alliance Textiles, Mr L. H. Whyte. “In view of this percentage. I feel that Alliance’s altitude to the question of an evemual small minority of dissenting shareholders will be of interest.” he said.

"If less than 90 per cent, accept tiie offer then Alliance might not proceed with the merger. However, should Alliance decide to proceed then we will definitely offer the same terms to dissenting shareholders, although in law we could offer a lower price or even refuse to buy out the minority at any price. “If 90 per cent do accept and this now seems likely then Alliance will give the necessary notices that thej desire to acquire the shares cf the dissenting members on the same terms.

•‘This procedure is covered by Section 208 <l> of the Companies Act which says that unless on an application made by a dissenting member the Court thinks fit to order otherwise. Alliance is entitled and bound to acquire the shares on the terms accepted by the 90 per cent "In order that Bruce shareholders can have confidence in this statement we have had the legal position checked with the solicitors for the Bruce company and they have agreed that given the circumstances as set ou’ above the statements I have made as to the position of the dissenting shareholders arecorrect,” concluded Mr Whyte, The closing date for acceptances by Bruce shareholders of the Alliance offer is next Tuesday, August 14