N.Z.M.C. buys 24.9 p.c. of Healing shares

Press, 17 March 1982, Page 30

N.Z.M.C. buys 24.9 p.c. of Healing shares

Healing Industries, currently in the middle of a $4.7 million take-over offer for Industrial Chemicals. Ltd, yesterday found itself with a major new shareholder — the New Zealand Motor Corporation.. Ltd.

N.Z.M.C., soon to be renamed EMCO Group, has bought a 24.9 per cent stake in Healing, for a cash outlay of $4.7 million.

The N.Z.M.C. purchase was organised through Auckland brokers, Buttle Wilson and Company, who made direct approaches to Healing shareholders offering 200 c a share. 30c above last market sales.

N.Z.M.C.’s managing director, Mr R, N. Mason, said yesterday that the purchase was funded directly from internal sources.

He said many of Healing’s

interests related directly to those of N.Z.M.C.

"The corporation regards its offer for' Healing as an investment and at this stage there is no intention of increasing the holding beyond 24.9 per cent. "We see a permanent relationship between the two companies achieving mutual benefits across quite a range of common interests," he said.

Healing is best known for its major share of the bicycle market and as the maker of the Epiglass range of products. It also has corrosion control, metal protection, paint and resin interests and is the importer and distributor of Michelin tyres.

The deal does not need the approval of the Examiner of Commercial Practices because it involves less than a quarter of Healing’s shares.