N.Z.F.P. Wants All P. Mills’ Shares

Press, Volume CIX, Issue 32221, 13 February 1970, Page 16

N.Z.F.P. Wants All P. Mills’ Shares

The bid by N.Z. Forest Products. Ltd, for the capital of New Zealand Paper Mills, Ltd. Dunedin, will be for all the shares it does not already own, including the shares held by the Fletcher Trust and Investment Company, Ltd.

N.Z. Forest Products and production in the operations the Fletcher group already:of N.Z. Forest Products, each hold about one third of "We will carry on the plant the shares in New Zealand just as is,” he said. “The manPaper Mills, and the remain i’agement will be handled down ing 40 per cent are held by there." the public. j If successful the bid will

Paper Mills has an issued I capital of s2m; the 100 c j shares were selling at 180 c be fore the announcement, bu» climbed rapidly to 220 c. The company makes paper | and paper bags, with a range i of fine papers. The Fletchei group was responsible for much of a programme of re equipment and modernisation of plant embarked on about 10 years ago N.Z. Forest Products became a substantial shareholder with I a capital reconstruction of j l he company in 1964 Mr R. H. Smythe, managing director of N.Z. Forest : Products, said tonight: “I believe that when the New Zeai land Paper Mills company is part of our organisation it (will be better for Southland, and better for everybody.” | Just back from Southland, i he told the Press Association i in Auckland that the company there had no forests. The idea was to incorporate the paper

give N.Z. Forest Products its second active interest in the South Island. The other is the Nelson chip project, in which it has a 50 per cent interest.