WARNING BY PEKO W.
Snag Found In Offer (N.Z. Press Assn.—Copyright) SYDNEY, January 15. Peko Wallsend Investments, Ltd, has been advised that it cannot legally use the provisions of the New South Wales Companies Act to acquire compulsorily outstanding shares in Mount Morgan, Ltd, once its has acquired 90 per cent or more of the capital. The directors announced this today in a circular to Mount Morgan shareholders who have not yet accepted the Peko offer. The circular said Peko was now holding “almost 90 per cent” of Morgan’s ordinary capital. The legal difficulties over the compulsory acquisition of outstanding shares are connected with the fact that some Mount Morgan shareholders who have sold to Peko did not do so under the official bid. Today’s circular from Peko said that the company would not accept any further Mount Morgan shares after January 31.
“If you elect not to offer your Mount Morgan shares to us, you will remain a shareholder in that company, and the value of your shareholding after January 31 will be determined by the value of the Mount Morgan, Ltd, Company alone, and not connected in any way with the value of Peko-Wallsend shares,” the circular said.
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Bibliographic details
Press, Volume CVIII, Issue 31579, 17 January 1968, Page 18
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200WARNING BY PEKO W. Press, Volume CVIII, Issue 31579, 17 January 1968, Page 18
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