Repco merger

Press, 7 May 1983, Page 25

Repco merger

Repco New Zealand, Ltd, Andrews and Beaven, Ltd, and MSI Corporation, Ltd, have announced the details of the merger to form Repco Corporation N.Z. Ltd. • The issued capital of Repco Corporation, the holding company, will be .about 40 million shares of 50c each. 9 Terms of the merger will be an exchange of shares based on the following ratios: Andrews and Beaven shareholders will receive 703 new shares for every

500 ordinary shares held. MSI Corporation shareholders will receive 638 new shares for every 500 ordinary shares held. Repco New Zealand shareholders will receive 502 new shares for every 500 ordinary shares held. . Fractions will be rounded off. • The bonus rights attaching to the specified preference shares in MSI Corporation will be preserved and will be reflected in the unsecured convertible notes which specified preference shareholders will be entitled

to receive for their specified preference shares. © The specified preference shareholders of Andrews and Beaven will be entitled to receive unsecured convertible notes for their shares. 0 The scheme of arrangement has now been drafted and will be submitted to the High Court for the calling of shareholder meetings and it is expected that this document will be mailed to shareholders of the respective companies on May 16.