Bunting sells to Repco

Press, 7 September 1981, Page 24

Bunting sells to Repco

Bunting and Company, Ltd. has .sold its 19 per cent shareholding in MSI Corporation to Repco. Ltd. The Buntings directors informed the slock exchange at' the weekend that it had bought, its largest single parcel at 105 c. Repco offered 120 c a share. The Bunting directors also said that the company now holds about 20 per-cent of the capital of NZ Farmers Co-operative Association of Canterbury, and 10 per cent of the capital of Andrews apd Beaven. Ltd.

Consideration for shares of these companies, plus the MSI shares since sold, has been in cash and the allotment of 2.125.000 shares in Bunting. The directors said the recipients of the Bunting A shares — a number of institutional investors — have agreed not to trade any of their shares before July. 1982: by which time the result for Buntings vear to March 31. 1982 will be known. They also said that all

purchases have been made with, the full knowledge and support of the directors of. MSI. N'ZFCA. and Andrews and Beaven. Mr Bruce Judge, a director of Bunting and managing director of H. W. Smith. Ltd. which now has a majority control of another motor parts firm. Motor Traders Ltd. said that the interests of Motor Traders. MSI. and Repco were ' all very compatible." "Our rationalisation plans for the motor parts industry fit in with Repco’s."