N.Z. REFRIG. AND MEAT P.

Press, Volume CIII, Issue 30542, 10 September 1964, Page 21

N.Z. REFRIG. AND MEAT P.

Notes Offer For Merger fN.Z. Press Association) WELLINGTON, Sept. 9. Meat Packers (N.Z.), Ltd., shareholders will be offered nine 10s convertible notes in the New Zealand Refrigerating Company, Ltd., for every 26 5s shares or notes held, according to the terms of the proposed merger between the two companies. The refrigerating company’s notes will bear interest at 7 per cent per annum, back-, dated to May 1, 1964, with the first half-yearly payment due on October 31, and will be converted at par into ordinary 10s shares on or before November 1, 1967. Application will be made for Stock Exchange listing of the notes. Directors of Meat Packers, who, with their families and friends, represent approximately 45 per cent of the company’s total capital, recommend and will accept the offer “with complete confidence,” a statement from the Meat Packers’ chairman (Mr A. Scott) said today. Issue Required

The merger will require the issue by N.Z. Refrigerating of 450,000 10s notes as Meat Packers has 1,060,000 shares and 240,000 notes issued. In a clear statement of the position for Meat Packers shareholders, the chairman (Mr A. Scott) says that the value of the offer depends on the price of New Zealand Refrigerating shares at the time of conversion on November 1, 1967. “The proposals are the natural and logical outcome of the close working relationships that have existed since your company first commenced operations in Wanganui,” the Meat Packers’ statement to shareholders says.

The chairman of the New Zealand Refrigerating Company (Mr C. S. Peate) says: “It is the firm opinion of this company’s directors that the future of the two companies would be strengthened by the proposed amalgamation.”