Giant capital return planned

Press, 28 March 1979, Page 24

Giant capital return planned

Giant Industries. Ltd. is ‘planning to return 99c a share to shareholders, after a capital rearrangement, and an offer will be made by Lusteroid Holdings New Zealand, Ltd, for the remaining assets. A meeting of shareholders of Giant Industries will be held in Wellington on April 23 to consent to the capital of the company being reduced from $600,000 (divided into 410,000 ordinary units of 100 c each, and 190,000 unissued ordinary shares of 100 c each) to $4lOO divided into 410,000 ordinary units of 1c each, by cancelling the 190,000 unissued shares and repaying to the holders of the 410,000 ordinary units

[the sum of 99c per stock [unit. I The above reduction of 'capital will enable the company to distribute to shareholders 99c a share as soon! as approval to the reduction is given by the Supreme' Court. At the same time the) directors intend to distribute) any unappropriated profits, j “Discussions are at) present being held with Lus-| teroid Holdings, and it is an-' ticipated that after the reduction of capital that company will make an offer to, shareholders to buy their one cent shares at a price i based on the value of the residual assets of the company. “As soon as accounts for the year to March 31 have) been completed a copy will) be forwarded to all shareholders.” the directors say.