NEW OFFER FOR D.F.I.
National Mut. will pay sl.6m (N.Z. Press Association) WELLINGTON, Oct. 31. The National Mutual Life Association of Australasia, Ltd, has given notice of a take over offer to the Dominion Fanners Institute, Ltd. The Dominion Farmers Institute advises shareholders to take no action pending further advice from the directors. The offer is understood to be one the directors mentioned in a circular dated September 9. National Mutual will offer 90c cash for each 30c A share and 150 c cash for each 50c B share. A condition would be that 75 per cent of shareholders indicated willingness to accept. The offer would place a value of about sl.6m on the company’s main property asset, the building in Featherston Street, Wellington, from which the company takes its name.
The 1969 Government valuation was sltn and the directors believed an up-to-date valuation would be more than sl.4m.
The Dominion Fanners Institute Board has been considering the future of the company and conducting negotiations since it rejected a first-come, first-served offer for 40 per cent of the shares made by Property Securities, Ltd, m July.
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Bibliographic details
Press, Volume CXII, Issue 33065, 4 November 1972, Page 21
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186NEW OFFER FOR D.F.I. Press, Volume CXII, Issue 33065, 4 November 1972, Page 21
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