Quill, M. Declines Take-Over Bid

Press, Volume CII, Issue 30155, 12 June 1963, Page 20

Quill, M. Declines Take-Over Bid

Quill, Morris, Ltd., Christchurch, wine and spirit merchant, has declined a take-over bid from an undisclosed bidder.

The company advised shareholders on May 7 that an approach had been made to the directors to acquire control of the company. “I now have to report that subsequently an offer was received,” says the chairman (Mr F. S. Taylor) in a circular mailed to shareholders last evening. “After full consideration, your board did not consider this offer sufficiently attractive to recommend its acceptance to you. Consequently the offer was declined.”

The paid capital of Quill, Morris is £lOO,OOO, in 10s shares. The largest shareholder at the end of 1962 was the Distillers Company. Ltd., Edinburgh, with more than 12,000 shares. The net asset backing of the shares, which were last traded on April 1 at 19s, is 16s Bd.

The company extended its soft drink activities a few years ago when it acquired the business of Cowles and Son, now incorporated in the associate company, Quill Morris Cowles, Ltd. More recently it purchased the cordial, fruit extract and bottling business oi C. W. Price, Ltd., manufacturers of Baxters Lung Preserver. The net profit of the group in the 12 months ended March 31. 1982, was £19,165. which represented 19.2 per cenit. on capital. A 12J per cent, dividend was paid last year and this year. The 196263 accounts are due shortly. The bidder for the shares is understood to have been Ballins ’ Industries.

Business Personal

The chairman of the New Zealand Refrigerating Company, Ltd. (Mr W. H. Nicholls), and the general manager (Mr W. M. Cleland) will leave New Zealand on June 18 for Trinidad and the United Kingdom, where they will investigate the latest developments in meat marketing.

Mr W. A. Hadlee has been appointed a director of the Christchurch Gas, Coal and Coke Company, Ltd., to fill the vacancy caused by the death of Mr C. P. Agar.