Details Of Offer

Press, Volume CIII, Issue 30365, 14 February 1964, Page 10

Details Of Offer

(New Zealand Press Association)

WELLINGTON, Feb. 13.. The Adelaide News, Ltd., in a statement issued in accordance with the Companies Act says the group offers to buy for cash the whole of the 80,000 issued ordinary shares of £5 each in the Wellington Publishing Company. The offer is for £22 in cash for each issued ordinary share, B ordinary shane’ and C ordinary share. In addition the News will offer to acquire the whol- of the 20,000 new ordinary shares which were offered at the price of £7 10s a share by way of rights on December -5 last year. The offer for the 20,000 new ordinary shares is: £l4 10s in cash a share to shareholders who make application to the Wellington Publishing Company to take up new ordinary shares, and who authorise the News to effect the purchase by the News of

such new shares after they have been issued. In making this offer of £l4 10s, the News will undertake on behalf of the accepting applicant to pay to the Wellington Publishing Company the £7 10s a share payable to the company on exercise of the right by accepting shareholders, and agrees to indemnify each accepting applicant against all liability in respect of such exercise. The sum of £22 in cash is offered for fully paid-up shares and the same amount for shares where: the right has been renounced. The offer is conditional on acceptance being received in respect of a minimum number of 50,001 of the ordinary shares. '-h The latest date on which the News can declare the offers to have become unconditional is May 4, 1964.