COMMERCIAL Lysaght Prepares For Take-over

Press, Volume CIX, Issue 32052, 29 July 1969, Page 16

COMMERCIAL Lysaght Prepares For Take-over

(N.Z. frets Association—Copyright)

SYDNEY, July 28. An extraordinary general meeting of John Lysaght (Australia), Ltd, was held at 10.45 a.m. today in Sydney.

The special resolution submitted to the meeting to determine certain alterations to the company’s articles of association was carried unanimously. Guest, Keen and Nettlefolds, Ltd, holder of 25m shares, was represented at the meeting, but did not vote.

The alterations divide the ordinary share capital into two classes and provide for temporary restriction on the voting rights of the class held by Guest, Keen and Nettlefolds, Ltd. They also are a necessary prerequisite to an offer by Broken Hill Proprietary Company, Ltd, to acquire the publicly-held shares in John Lysaght (Australia), Ltd. Additionally, the need for directors to be qualified by a shareholding was removed. The chairman announced that he and his officers held proxies from 1300 shareholders covering 3.0 m shares, and corporations represented at the meeting and holding approximately 1.6 m shares in-

tended to exercise their votes in favour of the reaolutfon. In conaequence of the subdivision of the company’s shares into two classes, the number of shares listed for trading on associated stock exchanges henceforth will be reduced to some 8m ordinary shares.

Business Personals Lichfield (N.Z.), Ltd, has announced the appointment of Mr J. Ambler as sales representative for the Canterbury, Nelson, Marlborough, Westland districts, excluding Christchurch city. His previous experience was gained with Bing, Harris and Company, Ltd, and with Lane, Walker, Rudkin, Ltd.