CSR has 86.5 p.c. of Aust. estates

Press, Volume CXV, Issue 33791, 13 March 1975, Page 20

CSR has 86.5 p.c. of Aust. estates

(New Zealand Press Association —Copyright) SYDNEY. | CSR, Ltd, says that it now holds 86.5 per cent of the ordinary capital of Australian Estates Company, Ltd. and has extended the dosing date of its revised offer to March 25.

CSR is now also entitled .to 55.8 per cent of the A ordinary (non voting shares) , of A.E., and 42.3 per cent of the preference capital. Hours before its offer was, to close last Friday CSR isaid that it was to increase; its bid price for the ordinary; shares from 230 p to 240 p (about 425 c) and for the A ordinary from 195 p to 205 p! (about 363 c). The price being offered for the preference ; capital remained unaltered; at 45p (80c). It announced simultaneously that the 12 London investment trusts, which between them held 76.4 per cent of A.E.’s voting capital, had agreed to accept the revised offer. When it launched its bid, CSR held 4.6 per cent i (247,392) of A.E.’s ordinary shares, and 17.2 per cent (1,236,500) of the non-voting “A shares. By last Friday, this had risen to 4.4 m ordinary shares and 2.8 m “A” shares. Since then acceptances have risen to 4.7 m

ordinary shares, 4.0 m “A” shares and 211,505 preference shares. Including the s4m CSR spent acquiring its initial holding, the total cost of acquiring A.E. will be $48.1m.