Information to shareholders

Press, 21 January 1982, Page 12

Information to shareholders

Sir,—ln my opinion the newspaper reports on the proposed takeover of T. J. Edmonds, Ltd, by Bunting and Company, Ltd, in association with H. W. Smith, Ltd, do not make the nature of the takeover very clear. It is disconcerting for shareholders in public companies to be informed of such transactions through the news media. I believe that shareholders are entitled to be informed by appropriate notice of takeover and of other proposals at the same time as the news media are informed. Bunting and Company, Ltd, is being reported on favourably at present, but it has made no recent issues to snareholders who, for some time, have been left in a financial wilderness. — Yours, etc., G. A. HAY. January 15, 1982.

[The secretary of Bunting and Company, Mr G. B. Quinn, replies: “As a publicly listed company, Bunting and Company Limited, are bound by the Stock Exchange listing requirements which requires information to be given to the exchange by telecommunications. A copy of this information is then given to the press to ensure that all shareholders and those members of the public interested in investing in 1 the company are fully in-

formed at the same time as the Stock Exchange. Where the shareholders are required to make a decision or take some action, a detailed explanation is posted to each shareholder. The use of the press is the fairest method to ensure that all shareholders throughout New Zealand have an equal opportunity of information. If a shareholder requires any further explanation, he is welcome to write to the company secretary tor reply. ’]