Two Pavroc bids

Press, 2 May 1981, Page 18

Two Pavroc bids

The battle for the control of Pavroc Holdings. Ltd, the Christchurch-based road contractor, took a further turn yesterday, when two separate bids for interests in the company were announced. fenglhy take-over offer from P'ramertaf havrd ld ofd a* a Dunedin-based road and transport group, Pavroc Sn W w-! ‘ii f0 ™ e a that Egden Wignall, and H’li the Christchurch . St 9sYnnn n n ? ar^ f Ol Q< £so>ooo Pavroc shares at 225 c an ordinary share — the same wnrtonko 11 0 ?n r — ■ abo a t 2 2- P er cent of the issued ordinary ca P ltaL However, Mr C. L. S.

Paterson. the dissenting director on the Pavroc board directors who disagrees with the oth er four members the board on the Fulton °ff c . r also served an offer in conjunction with David Lloyd Investments, Ltd. of AuckXre° capnl" » ”! first ' come ' first-served basis, The offer by Mr Paterson an( j David Lloyd Investments is 230 c *>r each Pavroc ordinary 100 c share, and 153 c f or eac | l p er cent convertible unsecured note. The offer also includes pavroc’s interim dividend w hich was expected to be decla red early this month, which shareholders would no t have got Under the Fulton offer. The stand taken by the

third party, through Egden Wignall, may signal that the Fulton offer is not expected to reach 51 per cent, to be declared unconditional, by its expiry date of May 9 and Mr Paterson and David Lloyd Investments hold this view, according to the statement released through the Stock Exchange Association last evening. The chairman of Fulton Hogan Holdings, Mr I. F Farrant, said last evening, that the offer by his company Was the only one which included 100 per cent of the Pavroc shareholders, anc this was the critical area o! the issue.