Take-over of T. J. Edmonds, Ltd
Sir, — Regarding the recent take-over of T. J. Edmonds, Ltd, the existing take-over legislation is totally unfair to shareholders who own the company. They should be given the opportunity of an extraordinary general meeting, at which the proposed take-over should be made known to them, before outsiders receive the information and before ft appears in the newspapers. The silence and lack of information throughout the T. J. Edmonds take-over was disquieting and shareholders were completely ignored. — Yours, etc., ; I. V. BALLANTYNE. . March 2, 1982. : [Mr D. S. Dptt, chairman-of the Christchurch Invercargill Stock Exchange, replies: “Your
correspondent’s proposal is impracticable. Under the listing requirements a copy of the notice of an extraordinary general meeting has to be given to the Stock Exchange Association of New Zealand and thus the business to be discussed would become public knowledge. In any event, when notice of a take-over is received by the directors it is in the interests of an informed market that this information is made available as soon as possible to the newspapers and becomes public knowledge so that no party is in possession of privileged information.”]
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Press, 9 March 1982, Page 20
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192Take-over of T. J. Edmonds, Ltd Press, 9 March 1982, Page 20
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