H. W. Smith sells

Press, 1 October 1979, Page 6

H. W. Smith sells

PA Dunedin H. W. Smith. Ltd. has accepted the 225 c ner share offer from a mystery Dunedin group tor its parcel oi Allied Press shares.

The managing director oi' H. W. Smith, Mr B. R Judge, confirmed iron Wellington yesterday tha; his company had been ap proached by a represents tive of the Dunedin grou offering 225 c for each < H. W. Smith’s 317,500 hold ing in Allied Press.

“We have accented th offer anfld we have not sold our shares," Mr Judg said. He said H. W. Smith bought the shares three months ago for 145 c each. The comnany will thui earn a gross profit of 5254.000. The 16 ner cent shareholding could still be the key to the take-over, since at this stage it has not been

possible to confirm the identity of the buyers, other than that they are a groun of Dunedin businessmen.

The managing director of Otago Press and Produce, Mr Juiian Smith, said last night that he believes O.P.P. has at least 35 per cent of Allied Press already and this, coupled with the mystery purchase of H. W. Smith’s parcel, would give O.P.P. the majority it needs.

However, the general manager of the Mi Cook Group, Mr P. S. Phillips, aid he does not think O.P.P. has won.

Having gone this far we would like to see what the reaction is to our offer,” he said. Allied Press shareholders should have received Mt Cook's offer documents over the weekend. Mr Julian Smith, asked

to comment on yesterday’s developments, said he will be making enquiries in Dunedin today as to the identity of the group of Dunedin businessmen.

“If they support us then, t’s all over.” he said.

Mr Phillips said late last night that Mt Cook's unnamed supporter who is underwriting its bid has raised his sunport from 51.75 a share to Sl.BO a share, and will support it to the full amount of Allied Press shares (2.2 million) instead of the previous support to 1.4 million.

Mr Phillips said the stdengthening of underwriting support “is an indication of his determination or wish to get a stake in Mt Cook. We are very pleased at this because it indicates further confidence in Mt Cook."