Crown merger meeting
PA Wellington Notice of an extraordinary general meeting to consider resolutions enabling the proposed merger of Dalgety New Zealand, Ltd, and Crown Consolidated, Ltd, were distributed to Crown shareholders yesterday.
The meeting will be held in Wellington on October 5. The merger is conditional on the consent of the Examiner of Commercial Practices and acceptance of Crown’s offer of $4.10 for each of the 24,726,488 issued shares in Dalgety. Resolutions to be put at the meeting will divide existing shares from $1 to 50c units and increase authorised share capital from SSOM to S7SM by the creation of 13.6 M redeemable specified preference shares of $1.25 each and 16M shares of 50c each. Shareholders will also be asked to authorise the company to offer up to 44M ordinary shares of 50c to the public and privately place the preference shares to finance the acquisition. It is proposed that the new company be known as Dalgety Crown Corporation, Ltd.
In background information given in the notice, it is stated that the merger is expected to be completed by December, but may take until next May if approval from the Examiner of Commercial Practices is not forthcoming by September 21.
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Press, 13 September 1983, Page 20
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201Crown merger meeting Press, 13 September 1983, Page 20
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