BRIERLEY HAS BIG CHAMBERS HOLDING

Press, Volume CIV, Issue 30802, 14 July 1965, Page 19

BRIERLEY HAS BIG CHAMBERS HOLDING

(New Zealand Press Association)

WELLINGTON, July 13.

R. A. Brierley Investments, Ltd., Wellington, which intends to make a bid for John Chambers and Son, Ltd., in opposition to a current offer by Andrews and Beaven. Ltd., was already the largest shareholder in Chambers, Mr R. A. Brierley said today in an interview.

Brierley Investments held 33.000. or 13.5 per cent of the 445 000 20s ordinary shares. Mr Brierley, who is chairman of the investment company, said. The intention is to offer to acquire a majority of the ordinary capital for 45s a share. The board of John Chambers and Son has indicated to Brierley Investments that, at this stage, it is not prepared to recommend acceptance of the intended offer. Details of the offer by Andrews and Beaven, Christ-church-based manufacturing and importing engineers, have not yet been disclosed. Immediately before the “don't sell' - warning by John Chambers directors on June 23 the shares were priced at 275. Latest sale yesterday was at 365. Mr Brierley said today he regarded John Chambers as

one of New Zealand’s leading companies. He said his concern's intention was to obtain a simple majority of the Chamber's ordinary capital. He said he could see no reason why the company should lose its identity. Issued capital of John Chambers and Son. Aucklandbased engineers and importers, is £500.000, of which £445.000 is ordinary and £55.000 preference. Group net profit to June 30 last year eased by £5715 to £34,186. to earn 3 4 per cent on average ordinary shareholders’ funds and 7:1 per cent on average ordinary capital. It was recently announced that large premises owned by the company in Wellington had been sold to an undisclosed buyer for a price “in excess of £100.000."