$704,000 Offer For Mason Struthers

Press, Volume CX, Issue 32392, 3 September 1970, Page 14

$704,000 Offer For Mason Struthers

The previously announced higher bid for Mason Struthers and Company, Ltd, was revealed yesterday. Syndication Management, Ltd, an Auckland-based property investment group is offering $704,000 for the capital of Mason Struthers.

The offer is 80c cash foi each 50c Mason Struthers share, 22c more than offered by Greater Australasian Trad ing Company, Ltd, for part of the shareholding. The offer—which will be dated September 16—is foi all the shares in Mason Struthers, and is "conditional on 76 per cent acceptance by October 17. The directors of Mason Struthers, in their earliet

announcement which foreshadowed the present offer, said that they were likely to accept the offer. The managing director of Syndication Management (Mr M. D. Johnson) said in Christchurch yesterday that his company would carry on Mason Struthers, and that there would be no staff retrenchment Syndication Management was established in 1968; it has grown rapidly through the syndication technique, which enables investors to pool their funds for the purchase of commercial property. The company now manages more than s3m in investments in the Auckland area and by March next year expects to have a further $2.5m worth on its books.

It is a member of a new company at present being floated, Merchant Finance and Investment, Ltd, which is on the market with an issue of 329,000 100 c shares at par.