Myer Bidding For Outlet In Perth

Press, Volume CIX, Issue 32114, 9 October 1969, Page 20

Myer Bidding For Outlet In Perth

(N.Z. Press Association-Copyright)

SYDNEY, October 8.

Myer Emporium, Ltd, has announced a s4.36mtake-over bid which will give it a retail outlet in Perth—the only State capital city in which it does not yet operate.

The target for the Myer bid is Bairds, Ltd, a Perth retailer with stores in Perth and Fremantle. The bid is worth a total of $4,361,292. Myer is offering 300 c a share for the 1,367,764 ordinary shares on issue, 217.5 c for the 60,000 contributing shares on issue and 175 c for Baird’s 85,000 100 c preference shares. The offer price of 300 c an ordinary 100 c share is about 85c above recent sales of 215 c for Bairds. David Jones, Ltd, the big Sydney department store group which is Myer’s most direct rival, already has outlets in Perth and Canberra, but it does not have retail stores in either Melbourne or Hobart. Baird’s dividend in the last two years has been at an annual rate of 9 per cent. Its profit in the six months to

January 31 was $139,851, which was a drop from the $175,222 in the previous corresponding period.

Vibrapac Note Conversion

(N.Z. Press Association) WELLINGTON, October 8. Vibrapac Masonry (Wellington), Ltd’s convertible note register is to close from October 20 to October 31 inclusive, and the final installment of interest will be forwarded to note holders on October 31. The unsecured convertible notes convert on October 31 into ordinary stares in the ratio of four shares for every five notes and share certificates will be forwarded on receipt of unsecured convertible note certificates, ex-interest October 20, when quoting of convertible notes ends.

A.G.C. Issue Filled

(N.Z. Press Association) AUCKLAND, October 8. Australian Guarantee Corporation (N.Z.), Ltd, Auckland, has more than filled its slm debenture issue. The company is now accepting over-subscriptions. As announced, the company will take another s2m.