OFFER FOR R. AND G.

Press, Volume CV, Issue 31027, 5 April 1966, Page 21

OFFER FOR R. AND G.

£2.45m Bid From U.E.B. (N.Z. Press Association) WELLINGTON, April 4. United Empire Box is to make an offer worth £2,452,188 for all the 3,325,000 10s ordinary shares in Ross and Glendining. Aucklandbased woollen and worsted mills. The chairman of Ross and Glendining (Mr B. E. Woodhams) announced today, less than a week after he had warned shareholders not to sell their shares, that advice had been received from U.E. Box that an offer would be made. Terms of the offer are: One fully paid 5s ord. U.E. Box share and 3s cash for each fully paid 10s ord. R. and G. Share. A 6 per cent dividend to be paid to R. and G. shareholders out of capital profits of which about 5 per cent will be tax-free in the hands of shareholders subject to the consent of the Commissioner of Inland Revenue. Do Not Qualify The shares to be issued by U.E. Box will not qualify for dividends declared by U.E. Box for the year to March 31 last. The offer will be conditional upon acceptance by the holders of 90 per cent of the shares in Ross and Glendining or such less percentage as U.E. Box may decide. Formal notice of the takeover offer will be given to Ross and Glendining before Easter. In accordance with the Companies Amendment Act 1963 the offer will be posted to shareholders by United Empire Box a fortnight after the notice has been received by Ross and Glendining. Mr Woodhams also stated that neither he nor any member of the board of Ross and Glendining had any knowledge of the possibility of the offer being made until the evening of Tuesday, March 29, and that the “don’t sell” notice was issued by him at 11.45 last Wednesday immediately on receiving the advice that United Empire Box intended to make an offer.

Exchange Rates

The £ gained ground slightly on most currencies last week. Currencies of Commonwealth countries, Austria and Japan were steady, but those of other European countries, the United States and Canada were marginally weaker. Telegraphic transfer exchange rates, from the Bank of New South Wales yesterday, were:—

Indices Latest share price Indices are:

Joint Venture In Plastics The plastics factories of Reese Bros., Ltd., at O’Briens road, Sockbum, and Applied Plastics (1964), Ltd., of Brougham street, a subsidiary of Reese Bros., Ltd., have been united in a new company, Reese Bros. Plastics, Ltd. The change of name unifies Reese Bros, expanding activities in injection moulded and extruded plastic products. Mr R. W. M. Greenslade has been appointed a director of Donaghy’s Rope and Twine Company Ltd., to fill the vacancy created by the recent retirement of Mr A. L W. Wood.—(P.A.).

N.Z. on Buying Selling New York— Doi. to £ N.Z. 2.7896 2.7580 Austria— Schillings 72.46 70.91 Canada— Doi. to NZ 3.0053 2.9669 Belgium— Francs 139.80 136.70 France— Francs 13.75 13.45 Italy— Lire 1752 1715 Netherlands— Guilders 10.18 9.96 W Germany— DM. .. 11.27 11.02 Fiji— To £N.Z.1OO 111.11.9 110.4.3 Denmark— Crown 19.35 18.94 Norway— Crown 20.07 19.64 Spain— Pesetas 164.60 Denmark— Sweden— Crowns 14.48 14.17 Switzer and— Francs 12.18 11.92 JapanYen 1016 993 Pakistan— Rupee 13.406 13.080 South AfricaRand 2.0150 1.9629 Hong Kong— Dollar i<; . 16.195 15.756 India— Rupee M . 13.406 13.080 Malaysia, Singapore— Dollar 8.623 8.404 Ceylon— Rupee 13.406 13.034

New York.— Dow Jones: 1965 Rails. Indust. Sold Dec. 31 257.48 960.26 7,240.000 1966 Feb. 9 264.82 995.15* 9,760,000 Mar. 30 248.85 919.76 7,980,090 Mar. 31 249.17 924.77 6,690,000 April 1 251.66 931.29 9,050,000 London. —Financial Times (industrial ordinary, 1935, equals 100; Government, 1926, equals 100: gold, 1955, equals 100): 1964 Indust. Govt. Gold Oct 1 377.8* 82.15 56 4 1965 Dec. 31 . 339.7' 78.74 60.5 1966 Mar. 30 .. 345.3 77.27 63.1 Mar. 31 .. 344.9 77.29 63.3 A pr ill 2 .. 345.8 77.27 62.7 Sydney. —Sydney Stock Exchange (July, 1931. June. 1939 equals 100): 1964 Retail Ord. Industl. Feb. 27 . 472.60 392.21* 395.24 1965 Dec. 30 360.16 320.76 353.45 1966 Mar. 31 . 339.19 314.23 348.48 Apr. 1 . 344.28 318.56 353.82 April 4 . 343.46 313.78 346.02 •Peak