C. Neon urged not to accept
Shareholders in Claude Neon Lights of N.Z., Ltd, have been advised not to accept any offer from Philips Electrical Industries of N.Z., Ltd. of less than 250 c a share. This advice comes from a committee of minority shareholders which says in a letter sent to shareholders, that it is taking steps to apply to the Supreme Court to establish a fair and equitable price for the shares held by minority shareholders. Philips holds slightly more than 50 per cent of the company, which has been making losses since 1971. A letter from the committee says its members have been refused access to the hooks and records of Claude Neon, but the published accounts of the company have shown a net asset backing of 261 c a share, as at December 31, 1974. Claude Neon has said that it' has received a take-over offer from Philips to buy all of the 49 per cent of the ordinary shares in the company that it does not already own, the price would be fixed by arbitration, on the basis that Claude Neon continue as a going concern, but would not be less than 150 c for each 100 c share.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19760713.2.148
Bibliographic details
Press, 13 July 1976, Page 23
Word Count
204C. Neon urged not to accept Press, 13 July 1976, Page 23
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in