I.N.L. bid for “Standard”

Press, 22 September 1980, Page 26

I.N.L. bid for “Standard”

PA Wellington Independent Newspapers Ltd, would be making an offer for the shares in the Manawatu Standard newspaper early this week, the

i managing director (Mr J. A. i Burnet) announced. i Mr Burnet said that the > offer, would “in my view be ■ very fair and generous.” : I.N.L. would be lodging

the necessary applications to take over the company, in a move designed “to protect our interests.”

Wilson and Horton Ltd, has already made such an application with the authorities, to take over the news* paper. Mr Burnet said that he was hoping for a satisfactory solution to the matter, and he sincerely hoped that there would not be any need to resort to legal action to protect I.N.L’s interest. On Friday the managing director of Wilson and Horton (Mr Michael Horton) had told the shareholders of the Manawatu Standard that their company was in a difficult cash position and capital reconstruction was inevitable. His company’s offer was fair and its success would bring also a fresh and competitive voice into the area, he said.

He reminded the shareholders that the exercise of pre-emptive rights was not a concern, as Standard’s articles of association provided for the transfer of shares under conditions which could be applied to the offer.