TAUPO TOT. OFFER

Press, Volume CIII, Issue 30366, 15 February 1964, Page 16

TAUPO TOT. OFFER

Bid For Bart Timbers (N.Z. Press Association) AUCKLAND, Feb. 14. Directors of Bartholomew Timbers, Ltd., strongly advise shareholders to reject a takeover offer worth £360,000 announced by the Taupo Totara Timber Company, Ltd. Taupo Totara has advised that it intends.to offer four Taupo Totara 5s ordinary shares for every £1 share’in Bartholomew Timbers. Based on the current market price of 12s for Taupo Totara shares, the offer is equivalent to 48s for each of the 150,000 Bartholomew shares, which last sold in Auckland on January 15 at 365. ■ ■ The offer will be subject to acceptance by not less than 51 per cent of the Bartholomew shareholding, and will close on April 7. Representation If successful, two Bartholomew directors would be invited to join the Taupo Totara board, which would, in turn, expect reasonable representation on the directorate of Bartholomew Timbers. . The offer places a value of £360,000 on Bartholomew Timber. In the balance-sheet to July 31, 1963, shareholders’ funds of this company were shown as £274,976. Total assets of £390,546 included fixed assets of £221,111, forest assets of £12,226 and current assets of £ 56,085. Mr L. M. Ross, chairman of Bartholomew Timbers, said today that his board did not consider the offer an attractive one, and advised shareholders to reject it. The directors, he said, would refuse the offer in respect of their own holdings and shareholdings under their control.

A.G.C. Issue Is Oversubscribed (N.Z. Press Association) AUCKLAND, Feb. 14. The £500,000 debenture issue by Australian Guarantee Corporation (N.Z.), Ltd., closed today heavily oversubscribed. Applications and reservations total more than 850,000 and in addition the underwriters, Daysh, Renouf and Company, Wellington, have arranged a private placement of £330,000 of 10-year stock. The first issue by the New Zealand subsidiary of Australian Guarantee Corporation, Ltd., Sydney, it was open only three weeks. The manager of the company (Mr M.- N. Pilkington) said his overseas principals and New Zealand directors were particularly pleased with the reception given the issue. He added that the longer-dated stock had proved the most attractive. Both short and long-term stock was offered with 10 alternative currencies and interest rates up to 10 years at 6 5-8 per cent.

Zealandia Milling Restores Bonus (N.Z. Press Association) WELLINGTON, February 11 Zealandia Milling Company, Ltd., Christchurch, has restored the 2 per cent bonus paid in addition to the 8 per cent ordinary dividend rate before the one-for-two bonus issue. Last year the 8 per cent rate was maintained but the bonus was omitted. The dividend and the bonus will be paid on April 8, the shares becoming ex dividend the same day. Buntings Issue.—The one-for-four. bonus issue of 5s shares announced last October by Bunting and Company, Ltd., Christchurch, will b e free of tax. Of the bonus issue, Is IOJd a share will be tax-free and 3s a share will .be regarded as non-assessable income.—(P.A.) Norvic Dividend.— Directors of Norvlc Footwear, Ltd., Christchurch, have recommended a 5 per cent final dividend making 9 per cent for the year; payable May 6, ex April 30 Total dividend for the last two years was an annual 8 per cent