Peko-W. Holds Nearly 25% Of Mt Morgan

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

Peko-W. Holds Nearly 25% Of Mt Morgan

(N.Z. Press Association—Copyright)

SYDNEY, November 8.

Peko-Wallsend Investments, Ltd, is already holding acceptances which represent close to 25 per cent of Mount Morgan, Ltd’s, ordinary capital. Revealing this, Peko’s chairman (Mr J. Proud) said the acceptances were still flowing in at a steady daily rate.

It is two weeks since Peko sent its formal offer documents to Mount Morgan shareholders.

holders’ trustee is mounting, but is taking time to move through the legal processes. The “Australian Financial Review” said. The newspaper said that as a result it was still difficult to determine when the case will come to Court “More than 500 debentureholders in Reid Murray Acceptance has issued writs suing the trustee for the debentureholders, Equity Trustees Executors and Agency Company Ltd. H. G. Palmer Debenture holders in H. G. Palmer (Consolidated), Ltd, Sydney will receive a further replayment of 15c in the dollar on November 30. This follows the first repayment of 20c in the $ made on August 31 last. The receivers, the Trustees Executors and Agency Com-

pany Ltd, Sydney, expect to make a further payment of 10c in the $ early in the new year. Beyond that, they are not able to make any further forecasts, the general manager (Mr N. D. Sinclair) says in a circular to debenture holders.

The competing offer from Power Mining Ltd, was to be posted last week-end. Peko confirmed that it would declare its offer unconditional “at an acceptance fig ure of substantially less than 90 per cent.” It indicates that Peko may settle for 51 per cent control of Mount Morgan. Reid Murray The volume of legal activity involving the directors of Reid Murray Acceptance Ltd, and Reid Murray debenture-