New bid for Mainzeal

Press, 16 July 1983, Page 21

New bid for Mainzeal

PA Auckland The Auckland property development and construction company, Mainzeal Corporation, Ltd, yesterday became the subject of a third take-over bid. Noisel Enterprises, which made an unsuccessful bid for Mainzeal in June, announced that it would offer 360 c a share for each Mainzeal ordinary share and 220 c for each Mainzeal preference share.

The offer which values Mainzeal at $8.9 million, tops an offer made in late June by McConnell Dowell. McConnell Dowell offered 340 c for the Mainzeal ordinary shares and 210 c for the preference shares. The McConnell Dcwd!

offer, which was unanimously recommended by Mainzeal directors only on Thursday, valued Mainzeal at $8.4 million.

In the notice of take-over announced yesterday Noisel said the offer was conditional on acceptances for 90 per cent of the Mainzeal capital or such lesser number as Noisel might deter.mine, being not less than 50 per cent of the Mainzeal capital. Noisel also reported that as at the date of the offer, they were beneficially entitled to 415,000 ordinary Mainzeal shares ard 133,565 preference shares. Those figures represent 20.2 per cent of the ordinary issued capital and 19.6 per cent of the preference shares.

Mr P. F. Menzies, a director of Noisel and also managing director of Mainzeal, said that the shares to which Noisel was beneficially entitled were gained as a result of a number of shareholders offering their shares of Noisel.

Asked at what price the shares had been purchased, Mr Menzies said that was a matter under consideration. Mr Menzies said Noisel had no contractual agreement with any other Mainzeal shareholders to purchase shares. He said the shares already purchased did not come from either Hooker Corporation or Ceramco, Ltd. Hooker owns 24.7 per cent of Mainzeal and Ceramco 37.5 per cent.