BRIDGEVALE HOLDINGS SCHEME

Press, Volume CVII, Issue 31522, 9 November 1967, Page 18

BRIDGEVALE HOLDINGS SCHEME

Shareholders in Bridgevale Holdings, Ltd, Westport, have been asked to approve a scheme of reconstruction.

The scheme involves an exchange of shares in Bridgevale Holdings for shares in Bridgevale Consolidated, Ltd, which used to be a whollyowned subsidiary called Hydraulic Mining (N.Z.), Ltd.

If the scheme is carried out, Bridgevale Consolidated intends to apply for stock exchange listing. For every two 50c shares in Bridgevale Holdings, shareholders will be offered three

50c shares in Bridgevale Con-1 solidated. All shares will be fully paid. Closing Date The offer is conditional on at least a 90 per cent acceptance, although Bridgevale Consolidated may accept less, and is open until December 31. This can be extended to February 28. The capital of Bridgevale Holdings is $140,000 and a 90 per cent acceptance would be $126,000. . t Directors In Favour Directors of Bridgevale Holdings have carefully considered the proposed scheme and recommend shareholders to approve the scheme by accepting the offer, says the chairman (Mr T. M. Scanlon). If the application for stock

exchange listing is accepted, it will give a more ready market for the shares.

Bridgevale Holdings operates as a motor vehicle dealer, transporter and coal miner.