Merger plans by Aberfoyle
(N.Z. Press Assn—Copyright) SYDNEY.
The Aberfoyle, Ltd, group plans to merge two listed subsidiaries, Ardlethan Tin, ■N.L., and Cleveland Tin, N.L., to strengthen the group’s corporate structure, improve future development and give greater protection Ito shareholders in the present uncertain economic climate, the directors say. It is proposed that Ardlethan (68 per cent owned by Aberfoyle) becomes a wholly-owned subsidiary of Cleveland (52 per cent owned by Aberfoyle). Cleveland would issue 14 new 33c ordinary shares for every five 50c ordinary shares held in Ardlethan. The issue would total 17m shares. Ardlethan shares have been recently selling for 50c and Cleveland at 24c.
The merger would be a major step towards obtaining funds for the sAust4om Mackintosh joint-venture at Que River, Tasmania, in which Ardlethan and Cleveland each have a 22.4 per cent interest.
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Bibliographic details
Press, Volume CXV, Issue 34008, 24 November 1975, Page 23
Word Count
138Merger plans by Aberfoyle Press, Volume CXV, Issue 34008, 24 November 1975, Page 23
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