Bridge bid for P.D.C.
NZPA Sydney Bridge Oil, Ltd, plans to take-over the shares not already held in Project Development Corporation, Ltd, said the chairman (Sir Paul Strasser) at the annual meeting. The move was in accordance with the company’ “policy of rationalisation, and to avoid any further conflicts of interst,” he said. The terms are 15c cash, plus one fully-paid 100 c Bridge share for each four 50c P.D.C. shares. Shareholders with less than 400 P.D.C. shares will be offered 36c cash a share, and the offer for 25c contributory shares will be 11c cash. “Should the offer be successful, it is intended that the identity of Project Development Corporation, Ltd, will be maintained, and that the company will carry on its existing areas of activity. “The share content of the offer will not involve the issue of any new shares in Bridge, as certain subsidiaries hold shares in Bridge which will be used in offer,” he said.
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Press, 9 December 1976, Page 24
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159Bridge bid for P.D.C. Press, 9 December 1976, Page 24
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