Unlisted shares

Press, 13 August 1980, Page 16

Unlisted shares

Sir, — I have 3000 shares in Brambles Burnett and I would like to know how an unregistered company could take over a company registered on the stock exchange without paying all the shareholders off. I had never heard of Mogal before the offer. We were sure Brambles would come right after a difficult time of labour unrest and high costs, especially of petrol. In “The Press,” August 4, we see Brambles taken off the exchange, leaving 1100 of us shareholders in the cold. It is six weeks since Mogal took over and I have not heard a word‘ from them. I have seen no balance of Mogal. I would like you to ask the chairman of the Stock Exchange how this can be done. —Yours, etc., TOM GOODGER. August 4, ,1980.

[Mr J. M. T. Greene, chairman Christchurch/Invercargill Stock Exchange, replies: “I regret the position Mr Goodger and other Brambles Burnett shareholders find themselves in; but the Stock Exchange press- release of July 7 explained that the delisting resulted from the lack of spread of shares remaining in the hands of the shareholders who did not accept the Mogal Corporation’s offer by the stipulated date. In spite of this the exchange was prepared to retain listing if the unlisted Mogal gave certain undertakings. These were not forthcoming, which highlights the fact that the Stock Exchange has no control over unlisted companies. I understand that Mogal is in the process of making a further offer to shareholders. I suggest Mr Goodger approaches Mogal for the financial information he requires.”]