TIMING OF OFFER

Press, Volume CII, Issue 30041, 28 January 1963, Page 14

TIMING OF OFFER

Kaiapoi Reply To Criticism

Criticism of the timing of the Kaiapoi Woollen Manufacturing Company’s merger proposals to the Wellington Woollen Manufacturing Company was not justified, nor was there any “inordinate haste” to get the consent of Wellington Woollen shareholders, the chairman of directors of Kaiapoi (Mr W. R. McCallum) said yesterday. Kaiapoi Woollen’s merger proposals were criticised by a Wellington Woollen shareholder, Mr J. Willis, in a circular letter to other shareholders last week asking them to reject the offer because the terms were inadequate. Mr McCallum said that Mr Willis’ letter inplied that the Kaiapoi offer was so timed as not to allow Wellington shareholders to have access to expert advice, which they no doubt would find of value to them.

“In fact, in the circular from the Wellington directorate which accompanied the offer, it was clearly stated that shareholders who had any doubts about the course to adopt, should consult their sharebrokers, bankers, solicitors or financial advisers,” Mr McCallum said. Postpone Decision “Further, it was also stated that shareholders might prefer to postpone their decision until details of their entitlements under the offer, which were to be sent out after the annual holidays, had been received. “Mr Willis also states that within the last four days ’a further persuasive entreaty’ had been made, but this was, in fact, the statement of entitlements under the offer. “It merely contains a footnote stating that, as the proposed merger cannot proceed until 90 per cent, of the shareholders in each class—or such lesser percentage as may be acceptable to Kaiapoi Woollen—have signified their acceptance of the offer, shareholders are requested to complete and return their forms of acceptance and transfer without delay.” The offer from Kaiapoi was open to February 8 and it could be extended to March 8 so the criticism by Mr Willis on the timing of the offer and his reference to "inordinate haste” could not be justified, Mr McCallum added. New Market For NJL. Meat

(N.Z. Press Association) WELLINGTON, Jan. 27. Development of new markets for New Zealand meat has taken a big step forward in the last 12 months, reports the market information service of ths Meat Producers* Board. The service says that the volume of shipments to markets outside the United Kingdom has jumped by 32 per cent in one year, chiefly because of an increase in sales to North America. New Zealand meat exports for the 1982 calendar year can be expected to show an increase of at least £ftn or 7 per cent