A.B. Consol bids for Coffee and Spice
A.B. Consolidated Holdings. Ltd, is continuing to in the food indusi try by making a take-over {■bid for Christchurch-based '(N.Z. Coffee and Spice Company, Ltd. The company announced yesterday that it was offering 310 c for each of 80,000 issued ordinary shares and 100 c for each of the 10,000 issued preference shares. The offer, which involves a cash outlay of $258,000 by< A.B. Consolidated, will be mailed to N.Z. Coffee and; Spice shareholders on Fri-I day. In a statement, a director! of A.B. Consolidated (Mr R. J. Binning) said that the directors of N.Z. Coffee and Spice had already unani-l mously agreed to recom-j mend the take-over to shtte-i holders. The offer is subject to ac- j ceptance of a minimum of I 40.000 ordinary shares.; Under the terms of the Com- : merce Act. 1975. approval of! the Minister of Trade and! ; Industry is also required. Mr Binning said that it was intended that the busi-| ness of N.Z. Coffee and. Spice would continue to. operate from existing prem-1
jises under present manageiment. ( The N.Z. Coffee and Spice J was formed in 1916 and 'handles the production, 11 packaging and distribution of .! coffee, icing sugar, dried j fruits and nuts. Main brands i are Belpak and Trents. The company’s main preJmises are in Christchurch. iand a warehouse is located Jin Auckland. ■ “The move is a further I stage in our planned diversi- ! fication within the food in(dustry,” said Mr Binning. ' “Both boards of directors bejlieve that the technical, financial. marketing and distriIbution assistance available I from A.B. Consolidated will j assist N.Z. Coffee and Spice 'to achieve improved profitlability and expanded turnlover.” ( A.B. Consolidated is ali ready involved in the production and marketing of j biscuits, chocolate and con(fectionery, snack foods, and [flour. I Through its acquisition of !Asparagus, Ltd. recently it (became the owner of New ; Zealand’s largest apple orchard. N.Z. Coffee and Spice is (an unlisted public company 'on the New Zealand Stock I Exchange.
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Press, 28 July 1976, Page 18
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335A.B. Consol bids for Coffee and Spice Press, 28 July 1976, Page 18
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