Rothmans takes position in Ballins

Press, 20 November 1981, Page 8

Rothmans takes position in Ballins

Rothmans Industries. Ltd. yesterday bought an 18.5 per cent shareholding in .Ballins Industries, Ltd, as 960,803 Ballins ordinary shares and 728,532 convertible preference shares were crossed at Rothmans’ bid prices. Rothmans Industries was seeking a further 12 per cent of the capital of Ballins Industries, Rothmans announced yesterday in a statement. The company today instructed sharebrokers, Jarden and Company, to acquire the stock through the market. ■ . The prices offered are 155 c for the ordinary shares and 140 c for the 11 per cent specified preference shares. Rothman? already held 12.9 per cent, of Ballins Industries share capital, which together with the shares sought, will increase Rothmans shareholding in Ballins

to 24.9 per cent. Rothmans’ decision to establish a minority shareholding in Ballins represents a continuation of recent moves to extend the- company's trading and investment base, the company said yesterday. At the close of morning trading in Wellington, Jarden and Company said that they had acquired about 18.5 per cent of the total Ballins shareholding. In other words their buying order was about 75 per cent filled. The brokers are now out of the market for the specified preference shares, but will be standing in the market for the ordinaries until the total has been achieved (24.9 per cent).