Big order for U.E.B. shares

Press, 6 May 1980, Page 34

Big order for U.E.B. shares

The Spencer family, which owns the Caxton paper mills and printing group, is believed to be behind a bid for a large chunk of U.E.B. Industires’ shares. The bid was announced to stock exchanges yesterday morning. It is for a total of seven million ordinary, 12 per cent specified preference, and current-issue 15 per cent specified preference shares at 101 c, 90c, and 60c respectively. ' : The ordinary shares last sold before the offer at 91c and the 12 per cent preference shares at 80c.

Yesterday 2,427,700 ordinary shares were sold at 101 c, as well as 617,800 convertible preference shares at 90c; 689,814 new issue preference shares were sold at 60c in seven special sales. The 15 per cent preference

shares have not yet been issued; letters of entitlement have only just been sent out.

The announcement to stock exchanges said that the name of the purchaser would be revealed once purchases had been completed. There was no intention to buy additional shares. The broker though whom the offer is being made, the Auckland firm Bidwill, Wakeman, Paine and Company, is broker to Caxtons. U.E.B. is planning a $27 million plant to make lightweight grades of paper which will compete directly with some of Caxton’s products.

U.E.B. has about 48.9 million ordinary shares on issue, and five million 12 per cent specified preference shares.