Brierley Bids For Northern Steam
(New Zealand Press Association) WELLINGTON, February 4. A take-over offer for the complete shareholding in the Northern Steam Ship Company, Ltd, was filed this afternoon by Brierley Investments, Ltd.
The consideration to be paid for the acquisition of shares will be: for every five shares in Northern Steam the allotment of one fully-paid share of 50c in the capital of Brierley Investments, plus $1 in cash.
On the current market price of 385 c for Brierley shares the offer is worth 97c for each Northern Steam share. The last recorded price of Northern Steam was 76c; the shares rose 1c to 77c in trading today. The offer will remain open until March 20, and the latest date on which Brierley can declare the offer to have become unconditional shall be April 30. The offer is subject to the following conditions: that as from February 4 until April 30 Northern Steam will
I not, otherwise than with the [consent of Brierley investments, (a) pay or declare any dividends, bonuses or other distributions to shareholders; [1(b) issue or agree to issue ! further share capital; . [(c) enter into any commit- :| ment otherwise than in J the ordinary course of .[ the company’s present day-to-day business.
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Bibliographic details
Press, Volume CX, Issue 32214, 5 February 1970, Page 15
Word Count
206Brierley Bids For Northern Steam Press, Volume CX, Issue 32214, 5 February 1970, Page 15
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