POPE IND. AND SIMPSONS

Press, Volume CII, Issue 30108, 17 April 1963, Page 19

POPE IND. AND SIMPSONS

Details Of Merger

Details of the proposed merger between Pope Industries, Ltd., A. Simpson and Son, Ltd., and Simpson Distributors, Ltd., South Australia, electrical appliance manufacturers, have been announced in Australia. Pope Industries will be used as the vehicle for the merger, and will offer to acquire the capital of the two Simpson companies. After the merger ,d holding company called Simpson Pope Holdings will be formed. Proposals to merge the three companies were first revealed in January. The terms of the merger are: Eight ordinary 5s Pope shares for every 20s share of Simpson Distributors. Nine ordinary 5s shares, four 5s deferred ordinary shares and three 5s "redeemable convertible” notes in Pope for each 20s share of A. Simpson. Of the initial holding company capital. Pope will hold £2,564,000 in ordinary and preference shares. A. Simpson £2,520,000 in ordinary and deferred shares, and Simpson Distributors £520,000.

Business Personal

Mr P. Burnett has been appointed New Zealand sales manager for Hillcastle (N.Z.) I td. Until his appointment, Mr Burnett was a sales representative for the firm in the hairdressing and cosmetic fields.

Humes Contract.—Humes, Ltd., will manufacture 37,000 feet in pre-cast reinforced concrete pipes worth about £700,000. for the first stage of the Adelaide trunk sewer mains.