Directors Back Bid

Press, Volume CIX, Issue 32265, 7 April 1970, Page 18

Directors Back Bid

(N Z. Press Association) AUCKLAND, April 6. The directors of Unit Subdivisions, Ltd, unanimously recommended that shareholders accept the Broadlands Dominion Group, Ltd, offer of one 50c share for each 50c Unit Subdivisions share. The merger would create a group combining Unit Subdivisions' skills in land subdivision and development and the financial capacity of the Broadlands group, the chairman of Unit Subdivisions (Mr R. D. Cox) said in the takeover documents. The new shares would not participate in the final dividend paid by Broadlands, but Unit Subdivisions shareholders would receive a “final” 5J per cent dividend from their own company. The offer is conditional upon acceptance for not fewer than 1,229,895, or 90 per cent of Unit Subdivisions’ shares, but Broadlands may declare the bid unconditional upon acceptances of at least 546,620 shares, or 40 per cent. Profit of Broadlands for the six months to September 30, 1969, was 8109,906. Profit for the second six months to March 31 was in excess of the results ‘w the first half, directors said.