Majority reject Transvision

Press, 29 September 1979, Page 18

Majority reject Transvision

General Finance. Ltd, says that 55 per cent of its shareholders intended to reject the take-over offer of 175 c a share by Transvision Hold-' ings, Ltd. The chairman of General ; Finance (Mr A. H. Amour) I said Transvision's only prospect for success lay in increasing its offer from the present cash price, but Mr H. J. Baldon, Transvision’s chairman, said he did not; wish to comment on the prospect of raising die offer. -It’s not appropriate to do so. until we’ve had the opportunity to study the. reasons why the General 1 Finance directors are recom-'

; .mending rejection,” Mr; . -Bayldon said. , ■ Transvision had seen only; ’ the draft of General , ‘.'Finance’s letter to share-; ■iholders rejecting the offer.; However. Genera) Finance ’ I (released the final draft of its | i'advice to shareholders yesterday. It forecasts that rhe net I profit, of General Finance! /would rise by about SIM. to I S3M this year, and a dividend t ; rise of three per cent to 16 1 per cent (16c a share). ; The. directors will recommend a final dividend or dis- c tribution of 10c a share, part'c Lof which will be tax-free, ; [making an annual dividend! t 'rate of 16 per cent this year, r