Breweries Combine On West Coast

Press, Volume CIX, Issue 31923, 26 February 1969, Page 20

Breweries Combine On West Coast

Westland Breweries, Ltd, of Greymouth, will make a one-for-11 cash issue to its shareholders, and use its remaining unissued capital—s4o,ooo— to buy the brewing interests of Morley and Company (Westport), Ltd.

The part merger between the West Coast breweries was known when Morley advised its Buller customers of the take-over by the

Greymouth company.

Morley serves all but one of the 23 hotels in the Buller area and has financial interests in many of them. It will retain much of its ownership, including that of the three main Westport hotels, the Grand, the Black and White and Larsens. Work will continue at its Queen Street, Westport, brewery, which will become a branch of Westland.

The brewing assets will be taken over on April 1, the Westland directors announced yesterday. Westland will place 20,000

authorised $2 shares as partpayment for the purchase. The general manager of Morley (Mr J. M. Brown) will join the Westland board.

The one-for-11 cash issue to Westland shareholders will consist of 7500 $2 shares at a premium of 82. The ex issue date will be March 24. The company plans to change its balance date to March 31, and accounts this year will be presented for a nine-month period.

Bank Of N.S.W. Rights

The Bank of New South Wales will not recognise applications to take up its rights issue through the Sydney register in future.

Only parcels for sale may be removed to Australia, and all acceptances must be made through the Wellington register.